Stock market recovery: good news, unfair rules

(Copyright 2008)


By Tony Walther

With government help comes a lot more oversight (one would hope), and hopefully a whole lot more transparency, but if anyone doubted who or what controls our government, it is money, the Big Money. Big Money took an awful gamble and lost, but it successfully extorted the American taxpayers out of a trillion dollars or more and scared the whole world nearly to death.

Besides the U.S. government bailout, there was emergency action worldwide by governments to prop up the Big Money interests, thus proving Big Money could and did bring the whole globe to its knees.

Now that it got what it wanted,  bailouts, maybe it will be back to business as normal, or maybe not, there are real problems with our economy that go beyond the greed of the Big Money interests.

But how do you explain one of or the worst weeks ever on Wall Street last week, and one of the biggest rallies ever today as a new week opened? I don’t think the Big Money interests wanted it this way, that is all the likely government oversight and even control, but they had finally overreached, getting caught in a game they may not have fully understood themselves, with complex math formulations on derivatives and such that seemed to promise they could not lose.

Of course I’m writing all of this in the abstract. I don’t mean to say that there is some real single force out there called “Big Money”, but those with the big money play the game how it is played and in a sense are a united force.

Make no mistake about it, the rules for the Big Money are not the same for you or me. When we go broke, we go broke. When Big Money goes broke, we all go broke.

Having said all this, I hope it all works out anyway. Because those are the rules, albeit unfair, of the game and it’s better for all of us to win in our own way than to lose.

Now no one knows what the stock market will do tomorrow (at least I am not quite yet into the conspiracy frame of mind enough to think so). Today’s 936 point rebound, the biggest in 70 years (according to Bloomberg News), could just be a blip and lost again.

But if stocks go up again or even level off, I think it might be a good sign for John McCain’s failing campaign, and that is not my endorsement of him. As a matter of fact, he scares me and even more so, Sarah Palin scares me, and the ice berg that is Cindy McCain scares me too. Maybe I’m just timid.

I plan to write more on all of this later when I can put some real facts together, but this was my off- the-top-of-the-head reaction to today’s events.

Thank you for reading.

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