Ongoing crisis and a little on the debate

Here I am at 6:45 a.m., with Senators Obama and McCain on the BBC TV (thank you UK!) debating in a down hall format. The world economy continues to plummet. Most European countries, like the US, have increased insured deposit levels. Many seem to be pumping money into their markets, as the Fed now is getting into the commercial paper market too. And it still isn't enough. The huge size of the US rescue package itself was supposed to be a signal to markets, but the delay in agreeing to it (and the silliness of its original structure) sent a blurred signal at best. At worst, it was the signal that the US government (and now the EU member governments) are not capable of responding to these types of crisis either alone, or together. I am reminded of many discussions in my banking classes where we talked about how the financial world has moved (and moves minute to minute) so much faster than governments are capable of acting, and how we need dramatic structural change in regulations both within countries and between countries.

A good question about sacrifice: McCain starts with talking about government and spending cut. Defense, okay, that's a good place to look, but wait, now he's saying a spending freeze except for Defense. Hmm. Okay, Barack, let's see what you come up with. Good, talking about 9/11 and how folks were willing to change our ways, but Bush made his "go out and shop" instead of a call to service. Now talking about outside of govt and individual action, starting with energy conservation. Wouldn't that individual responsibility be something that generally we would expect Republicans to put forth? What has happened in our topsy turvy world. While I would love to continue to listen and comment, I need to get ready for the day. More comments later, including more pictures of political signage here and the waste of money that is visible.