What will happen next?

Congress, both the House and the Senate, seems poised to enact "Wall Stree Bail-out" legislation.  This is good news.  If you want to buy a new car, if you want to buy a new home, if you're saving for your child's education, if you're saving for your retirement, this is good news.  

Without a bailout plan, the credit markets freeze!  We are now hearing about the fear financial firms have in making loans.  They are hesitant to  provide financing to eachother, and they are hesitant to provide financing to you and me.  We are hearing about the credit freeze because Congress has realized it must explain to us why this legislation is important for us.

When "Wall Street Bail-out" legislation passes, what will happen next?

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Vermonters: Tell us your healthcare horror stories

Burlington - The Vermont Workers' Center's "Healthcare is a Human Right" campaign is looking to hear from Vermonters about their healthcare horror stories.

For months volunteers for the Vermont Workers' Center have been surveying Vermonters from all across the state, about their experience with the healthcare community. The results have been clear: Vermonters believe that healthcare should be a human right.

The state, however, has come up woefully short on this issue. More than 11 percent of all Vermonters are without health insurance, including more than 11,000 children. Thousands more are woefully under-insured, and cannot afford their costly premiums and co-pays, which are only rising as the cost of healthcare soars.

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How This Crisis Spells the End for the Reagan Revolution

I recently published an editorial over at The Guardian regarding the current economic collapse. It is my opinion that the failure of House Republicans to pass the economic stimulus package represents the beginning of the end of the Reagan Revolution. Allowing this crisis to continue without any viable alternative represents the end of an era for the Republican party. With uncertainty growing in a market built on expectations, our economic woes will worsen. Ironically, as this crisis expands and continues to collapse major corporations, Americans will demand greater government intervention. A party whose platform opposes nearly any proposal that uses government as the medicine for a financial disease will not be able to survive this crisis.

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It's highly entertaining to watch the childish melodrama exhibited by many of our elected congressional "leaders" and their equally childish counterparts in the financial markets.  These people (the news pundits, the politicians, and the investors) should all grow some intestinal fortitude, slow down, take a breath, and think through the financial crisis and so-called bailout carefully.

Yes, the cost of doing nothing will likely be high; but so will the cost of rashly doing the wrong thing.

Tomorrow morning, no matter what the markets do, my partner will still kiss me goodbye on her way to work.  My cats will still lovingly harass me until I get out of bed to feed them.  The sun will still come up.  I'll still need to pass water and break my fast.  Yes, my retirement portfolio is much smaller this morning than it was yesterday... in fact, I lost more than my gross annual salary in one day of market histrionics.  A lot of people did.  Take a breath, the good news is that our portfolios will recover in time.

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The DOW JONES Industials have dived close to 700 points upon news that the House of Representatives failed in passing the "Wall Street Bail-out" legislation.  Many think this is good news.  Political purity above all else.  When you get your IRA, 401K, cash investments quarterly statement, please tell me if you think this is good news.  You may not complain if you've lost 10%, 20%, or more in the value of your investments if you did not support this legislation.  More than most will be adversely affected by actions (read:  lack of actions) undertaken today.  

The good news, oil is trading down today.  You and I will save a couple pennies at the pump.   YIPPEE!


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