The things that keep you up at night

Let’s get right to the story that has had everyone talking at the office water cooler for days, and kept us up late at night worrying about what would happen if things didn’t go as well as we had all hoped.

Relax, the Twins swept the Chicago White Sox and are in first place.

Oh, and the U.S. experienced the largest bank failure in history yesterday when it seized Washington Mutual and sold it to J.P. Morgan Chase. Today, all the personal finance experts are making the rounds on the TV talk shows, telling people not to worry and that their money is safe. “Nothing will change” with the bank’s crisis, Fox’s business anchor, Liz Claman, just told us. I’m not sure at this point anybody wants to hear “nothing will change” and “bank crisis” in the same sentence, but there you go.

Rep. Barney Frank, the point Democrat on the talks to broker a deal on the massive government bailout (which, at last check was still being called a bailout by its proponents and not the Freedom to Still Have a Financial System bill), and Sen. Richard Shelby, the Republican’s captain on the issue, are sniping after talks broke down.

Sen. John McCain is now hinting he’ll be at the debate with Barack Obama tonight. Sen. Lindsey Graham dropped a hint this morning that McCain will be at the gathering, where one of the questions probably won’t be, “hey, how ’bout those Twins?”

  • I stopped following the Twins in 1995, except when at my in-laws (father in-law watchs every game on TV) glad to see them doing good.

  • sm

    I’m waiting for the terms of this to change to Financial Freedom Fighters and Insolvency Insurgents. When will it become unpatriotic to oppose Wall Street?

  • bigalmn

    Don’t the Twins always do their best in a down market. Didn’t we have down markets in 1987 and 1991?

    Maybe this whole scenario is a predictor. On a serious note, the key to this who “bailout” is buying this bad debt at the right price.

    Most of the people who work in this arena have the opportunity to buy and hold. Then they resell when it is clearer what is really in the portfolio and they usually make at least some money because they bought right. (Think Buffet and Goldman Sachs)

    The important piece is to get this off of the books of these banks and then they look and feel healthier. Think of it this way – if you are flying on a plane and the person next to you is coughing and weasing, you really don’t want to sit next to them. If they look healthy, vibrant and happy you don’t mind at all.

    The general public is seeing all the banks as coughing and weasing, we just need to get them healthy looking.