Bitterbarn’s Weblog

aka “The Bull” (some content not suitable for children or religous zealots)

No Country for Old Men

I awoke this morning to the sound of Henry Paulson (The Secretary of the Treasury) doing some damage control on all the morning news shows.

For those who don’t know.

Over the weekend the 5 largest commercial bank in our country’s stock plummeted Bear Sterns had dropped 54%. This is usually the time when the CEO’s take a parachute and jump out a window with a suitcase full of money; and they did.

Our federal government helped out Bear Sterns as I understand it by helping to find a buyer for the company JP-Morgan and insuring all the assets into the multiBillion dollar realm. Is this a Bail out? Seems like one to me but maybe this is no time to squabble over morality.

This post is about Gerontocracy old-men.jpg

These are the guys that are gonna see us through this thing,, Henry (hank) Paulson 61, Geroge W. Bush 61 and Ben Barnake 58. I am trying to keep a level head about this whole “sky is falling” thing. We know that it only makes things worse when people get nervous about their money and go bury it under the shed. BUT, In my experience with the aged and with all due respect I am nervous about the judgment these men have. I am only 32 and I can’t remember what I did yesterday. If you know any “old people” I say over 55 then you also know that these folks have trouble getting up in the morning. and, we are at the mercy of these fellas? I wasn’t so nervous about it until I saw Hank Paulson speaking about it this morning. Just watch a minute of this and tell me this guy is gonna lead us through this. Does he have turrets or does he just stutter some or is he REALLY nervous. Why is it always a panel of old guys? This guy probaby has a million staffers that do the work; they probably just call him off the golf course to stand in front of the camera.

So the federal reserve guys (I think) dropped the interest rate on Sunday in a panic and their gonna do it again today their saying. I’ll we can do I think is do our part. Which means spend like you normally would. This isn’t the only panel of old men I know of. By and large it just doesn’t seem to work out.

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March 18, 2008 Posted by | Uncategorized | , , , , | 9 Comments