Stock Market Says - It's OK!

Everyone knew the stock market was going to go down if their Wall Street bailout legislation did not pass. But even I was surprised by the SHALLOW nature of the decline. As is typical, only the speculators seem to be having a ball.

While a 777 point decline was nearly a 7% decline, this was only the 17th largest percentage drop. And, unlike the dot-com bust where telecom, software companies and other tech companies simply went out of business and caused individuals to lose their life savings - none of that happened. While the drop was an event, gaining and losing $1.2 trillion dollars in asset value happens these days. Usually it happens over weeks, months or a year, but it happens.

And, while I personally will never forget the dot-com bust and the damage it caused to millions, Congress did nothing to correct that problem. They should do nothing to bailout the bankers, mortgage lenders and Wall Street folks that caused the problems then or now. Let them fix their own problems.

This talk about small businesses missing payroll is simply bogus. The small businesses of this country can adjust to the problem. It is an opportunity for them to layoff their lazy and unproductive cousin who only works there because of family. It is an opportunity to increase the pay to productive workers that must pick up the slack of departed employees. It is an opportunity to bring in additional non-bank capital from private investors looking for a local opportunity. And, it is an opportunity for the financial world to tell certain small businesses that they are not viable.

We live in a capitalistic society and productive workers will be rewarded. "Missing payroll" sounds more like just being able to pay workers because they exist. If the business is viable, the business owner and his customers will be able to work through the problem. If not, there will always be more businesses to fill the void.

Do you really think that anyone on main street gives a crap about banks not wanting to lend to banks? Not one bit! We likely need more smaller community banks and less large banks that have no connection to their community.

Congress - GO HOME! You do not need to pass bailout legislation. Whomever votes for this bailout legislation should go down to defeat at their next election.