This and That

Tonight will be a slightly different type of post - a series of random thoughts that have been percolating in my head since my last entry. Kind of the way Herb Caen used to write, if memory serves....

Where better to start than the tanking economy? Today all the major stock indices lost another 2%. Both the S&P and Dow are officially in bear territory, and there isn't any particular reason to think things are going to improve soon.

About 3 months ago I wrote a post arguing that weak consumer spending was the biggest issue facing the US economy. And then last week I caught this piece on NYTimes.com essentially confirming my fears. This quote sums it up best:

Tighter lending standards imposed by banks in the wake of huge mortgage losses have made it hard for many Americans to secure credit — the lifeblood of expansion in recent years — crimping the appetite of consumers, whose spending amounts to 70 percent of the economy.

Add to that rampant job losses - unemployment rose again in June and high profile companies are laying people off left and right - and you have a bad mix. It's rough out there, people. Keep your job if you still have one....

So how then can anyone explain what I saw on CNBC on Monday? The Chief US Equity Strategist at UBS predicted that all the major US indices would rise 25% in the 2nd half of 2008!!!! My jaw nearly hit the floor. Unfortunately the comment never made onto the Web so I can't link to it. I wish I could because it's so outrageous part of me questions whether I heard it correctly. But I know I did....

In other news, today the US Congress approved the FISA bill. Why? Telecom immunity is not required to fight the war on terror. If those people broke the law they should be held to account, just like all of us would be. It's definitely a disappointing moment for our spineless Democratic controlled Senate, especially since Obama voted for the bill. Irony of ironies -- Hillary Clinton voted against. Unreal.

Meanwhile, in this week's issue of the New Yorker, Seymour Hersch has a long expose about Bush's $400million covert operation campaign in Iran. It's scary stuff. Again, our spineless congress forked over our hard-earned tax money so that Bush's gang of pseudo-CIA thugs can run rampant within Iran. They're actually using the cash to pay off organizations that have been on the US terror watch list for over a decade in hopes that they'll stir up trouble inside Iran. Suicide bombings are on the rise, but the Iranians know it's being perpetrated by the US. The whole thing is nauseating....

My final comment is about sports, or the lack thereof. Man, what a bummer -- I missed the best Wimbledon final ever. Many have said it was the best tennis match ever. I think missing this year's classic Super Bowl was still a little worse, but this hurt a lot. Definitely. On the bright side, I had a productive Sunday so that's good.

Cheers,
Chris