As posted in (http://currypolitics.blogspot.com)

Dear Santa,
Thank you for all the gifts you have sent me for last eight years. This year also I'm waiting for your gift. I know you would be busy buying and packing up gifts for everyone. But I had to make this special request for your consideration.

My mom and dad talk a lot about how bad and tough the time is right now. My dad talks about working overtime to help us get through Thanksgiving and Christmas.

After hearing all this, I thought the time is really bad. And I started worrying about my Christmas gifts this year. But watching TV for last few days I'm not worried anymore. I think the times are good. I heard someone collecting $150 million in one month for something. A lady bought clothes and other stuff for $150,000. And a hairdresser earned $22,000 in two weeks. These all make me feel happy. After all time is not bad as my mom and dad think.

The bailout plan failed in Congress with majority of republicans voting against it. Some republicans blame Speaker Nancy Pelosi's partisan speech as the reason for the failure. So far this is the best reason available for the failure. It means they didn't think that this plan would work so one silly reason is good enough not to vote for it.

The DOW is down 700+ points. But Pelosi is saying that there would be a revote and this time she promised there won't be any partisan rhetoric. Market inched up little bit on this inch of optimism.

On the campaign trails two candidates reacted in two different ways. The cool guy wanted everyone to be calm at the time of crisis:
"It's important for the American public and the markets to stay calm" in the wake of a failed vote on a financial sector bailout bill this afternoon and strongly advocated for its approval, adding, "One of the messages I have to Congress is, get this done, Democrats. Republicans, step up to the plate."

The hot headed guy blamed democrats for the failure. More blaming is being worked on and will be made public shortly.

http://currypolitics.blogspot.com/

Here's my take on today's political drama. Read the complete article in my blog: http://currypolitics.blogspot.com/2008/0 9/wednesday-roundup-924.html

Pretty hectic day on political stage with a twist from McCain compaign.

President Bush addressed the nation today. His speech was a dramatic reversal from his administration's earlier claim that country was doing well and nothing to be concerned about. He explained how we ended up with this mess:

For more than a decade, a massive amount of money flowed into the United States from investors abroad because our country is an attractive and secure place to do business.

This large influx of money to U.S. banks and financial institutions, along with low interest rates, made it easier for Americans to get credit. These developments allowed more families to borrow money for cars, and homes, and college tuition, some for the first time. They allowed more entrepreneurs to get loans to start new businesses and create jobs.

Unfortunately, there were also some serious negative consequences, particularly in the housing market. Easy credit, combined with the faulty assumption that home values would continue to rise, led to excesses and bad decisions.

So the problem started in Bill Clinton's term! Not sure if that's what Bush wanted to imply. I would say the corporate greed (otherwise AIG wouldn't be in its current position) is the cause of all this mess. If banks like Wells Fargo can stay away from this kind of bad  investment, I'm sure others could have done the same.

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http://oneminutepost.blogspot.com/2008/0 3/practical-tips-for-building-high.html