Mr. Sensitive

November 30, 2012

‘Rise Above’? How About ‘Who Cares’?

Filed under: Uncategorized — lbej @ 09:59

Boy, are those Republicans ever mad about the fiscal package Geithner delivered this week.  That’s got to be a good thing; tantrums are part of the process.  Babies don’t throw tantrums like this unless and until they know they aren’t getting what they want.  Let the discombobulated hissy fit begin!

The market gives the appearance of hanging on every word the Boehners, Cantors and Reids utter; to this point, though, the excitement in the financial media over these market moves is wildly out of proportion to their magnitude.  We’re talking about moves of 100 points or less on the Dow; that’s not even 1% with the index sitting at 13,000.  In the six weeks following the Lehman bankruptcy in September 2008, 100 points was a quiet day.  Actually, 100 points was a pipe dream; the Dow routinely rose or fell by 500 points or more, and when Congress rejected the bank bailout—remember that?—the Dow plunged 900 points in response.  The difference is that 2008 was a real crisis; this is political theater.  Can the more volatile actors force a crisis if they get carried away, letting their roles play them rather than the reverse?  Sure.  But the Republicans shifting into tantrum mode already is the surest sign yet that it won’t happen.

CNBC is having a slow-motion meltdown over this ‘fiscal cliff’ nonsense, though.  Their slogan is ‘Rise Above,’ and they’re calling for the politicians to work together.  By which they mean, now it’s time to work together because the big Republican victory didn’t pan out and Bush-era corporatist bullying is off the table.  They’ve officially turned against Warren Buffett, only the greatest value investor of the last century and a virtual market demigod.  Why?  He’s rich and he wants higher taxes for rich people.  CNBC let blithering idiot Rick Santelli target Buffett with one of his anti-everything rants, and even Cramer suggested the Oracle of Omaha might be out of touch.  That was especially disappointing because it was so baseless; Cramer interviewed a big bank CEO who claimed he was afraid for the future of racketeering  America, and the following morning Cramer argued that an East Coast bank executive has a better grasp on the state of the economy than the CEO of a $200 billion conglomerate operating in dozens of industries across the country.  Hopefully he was just sucking up so CEOs won’t stop coming on his show; that would be understandable.

I know, I know–I said I would stop listening.  It’s okay now; when the election was in doubt, the rhetoric was frightening, but now it’s just funny.

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