The fall and rise of America
Filed in: Ed's blog spot
Ed the Editor's personal blog corner
It has been a weird couple of days. At a time when nervous folks have been queuing up at banks to withdraw their money ahead of a perceived market crash, the people running those banks have been queuing up at the Fed. Sweating bankers in suits talked their heads off convincing the central bank to do something to save their shirt. True to form, Bernankepanky pulled a master stroke and appeased both the account holders and the banks - and averted a financial meltdown. Hooray.
Yesterday, Hurricane Erin popped and spluttered in the gulf, but Dean is still steaming over the ocean at a great rate of knots. (Can someone explain how a weak E hit land ahead of a strong D?) Anyway, next week, as the financiers in New York pat themselves on the back chuffing down caviar wrapped in sugar-coated greenbacks, picture the irony when Dean takes the roof off all their banks in Houston.
On the plus side, the hurricane will at least create plenty of work for local construction workers. This could be a bitter sweet experience for many of the guys who have been sold mortgages they couldn't really afford. To add insult to injury, they are working under a cloud because their livelihood is on the line due to the bankers' decision to no longer give away cheap mortgages to new house buyers.
It's a complex funny world in which we live.
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