September 30, 2008

Monday, Crazy Monday

I well remember Black Monday in October 1987: I was about a year out of grad school and was working for a pharma company, driving around San Diego listening to the radio as the stock market crashed by a huge percentage and the US attacked Iranian oil derricks in the Persian Gulf. To my young ears, it felt as if the world were ending.

Almost exactly 21 years later, the stock market cratered yesterday. You know why. And there's so much blame to go around that collectively all of us don't have enough fingers. Republican, Democrat, Bush, Clinton, Wall Street, WaMu, etc., etc.--all of these idiots are at fault for allowing America's financial markets to run along unchecked and create havoc for average Americans, havoc that the average American simply doesn't deserve and did little to merit.

I hope the havoc is small on your end of things. Although I am unscathed, none of us know how this will ripple or crash through the economy and our politics. Let's hope whatever goes on is fairly short-lived and that the market bounces back as strongly as it did after 1987 and 2001.

All of that is a long way of saying that the usual mental health news on this site is a bit inconsequential right now (and did yesterday's financial news ever drive down this site's traffic). We'll see where things are at later today. But right now I recognize that there are other things that are more important than what I usually write about.

Posted by Philip Dawdy at September 30, 2008 12:05 AM
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As someone who has worked on Wall Street prior to 9/11,and has a lot of her life savings tied up in the stock market, munis, CD;s and what not.... all I can say in the immortal words of Douglas Adams.

DON'T PANIC.

I wish the stock broker in London who suicided a few days ago because of losses in the FTSE had kept that in mind.

I fear he is the start of a new trend.....and these stories will be commonplace shortly.

Posted by: susan at September 30, 2008 12:04 AM

I don't think the financial news is more important than what you usually write about but as important certainly. It's ironic that it's the poor people who are being asked to foot the bill for the problems in the US, problems we wouldn't have if employers small and large had not exported all of our capital overseas to save money, quite literally stealing it from the pockets of the people they are now begging to go further in to debt, to shoulder all of the risk and pain, in this damn financial bailout.

Kind of like how we train our young people to kill, poor kids fighting rich kids wars, and then call them crazy when they come home in distress.

I hope the bailout doesn't pass. Trust me, those dudes will find some other way to raise the money if they really need it.

Posted by: Sally at September 30, 2008 07:18 AM
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