Next Great Depression fails to occur as predicted

Update: Dow Jones Industrial Average
up 485.21 points at close today.
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Tokyo Stock Exchange - down 4.6%

The Big Bailout was defeated in the US House of Representatives yesterday. Today, the predicted collapse of the world's economic systems has not materialized as predicted by Marxist dupes. The US market lost a great deal of its (I would argue, artificially inflated) value, but not so much as to be devastating. The 7% drop on Monday didn't come close to other recent setbacks, all of which our robust economy has taken in stride.

The predicted destruction of the Asian markets didn't happen as America slept last night, either. From the Thomson Financial News Asian stock market summary at Forbes.com:

Japan's Nikkei index in Japan lost 4.1%,
Japan's Topix was down 3.6%
Autralia's ASX 200 index finished down 4.3%
Korea's Composite Stock Price Index fell only 0.57 %
Taiwan's weighted index closed down 3.55%

Its a national Holiday in China, so the markets there were closed. Early trading has indicated that there won't be a catastrophe in the European markets today either. Carnage in the markets - NOT!
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This reminds me of the concerns that the Large Hadron Collider was going to create a black hole that would swallow the Earth earlier this month. It was a cheap thrill, but it never happened. The biggest damage done by the Big Collider was to the wallets of the suckers that are funding it.
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What I wrote in the comments to Sunday's post bears repeating:

The real economy is based on valuable physical assets, a productive labor force and abundant natural resources. Our best industries own such assets, our labor force's productivity is second to none and America is blessed with natural resources and potential energy like no place else on earth. The economy will be emerge stronger than ever.

Don't waste any tears over the collapse of the part of our economy that has been doomed from its inception. I mean the part based on pure hype, virtual assets like 'derivatives', unworkable eco-nut market schemes like cap and trade or phony carbon credits. Let these bad ideas pass, along with the Marxist thought that was supposed to drive them. If you were invested in them, kiss that money a belated good-bye. It had its bags packed up under the bed a long time ago.

Think of the present adjustment as a costly lesson. Don't throw it away; we all can learn from it. I'm giving thanks to the stalwarts in Congress who refused to panic. I just hope their resolve lasts out the coming few weeks and months. Let the howling and hand-wringing begin.

With apologies to Byron:

The widows of Marx are loud in their wail,
And the idols are broke in the temple of Bail.
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Certainly the markets will lose some value, but I don't think it will be as bad or last as long as advertised. At least now we might get a chance to watch free market forces work as they should, without the mindless manipulators in government perverting its natural tendency toward growth and prosperity, inadvertently or not.

I wouldn't put it past some folks to have been trying to gin up a big economic crisis as part of a political power grab. Call me paranoid, but...

Get a grip, ye of little faith! We have weathered worse in recent tears, as Michelle Malkin points out in Some perspective for the Chicken Littles.
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Somehow, I think it is going to be difficult for President Bush, and those in Congress to admit that they were suckered in by the Marxists among us who wanted to see the US economy taken over by the federal government. Their pride has been hurt, but that is no reason to take it out on the rest of us. I expect the worst of them to try to jawbone the economy further into the tank today to justify their mistaken positions regarding the bailout.
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We must continue to resist, Set your teeth, stiffen your upper lip, remember the free market and call, write or e-mail the President, your Representatives and your Senators today. Thank the Republican stalwarts that pushed our nation out of the path of yesterday's red bullet. Tell the 'Chicken Littles" to show some faith in the USA.

Remind them that the panic is off. The black hole didn't happen. We have time to see what happens.

Doing nothing IS an option.
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Don't tell anyone I said so, but this might be a great opportunity to buy some equity in America at bargain prices. You can bet the farm Warren Buffet is doing exactly that today.
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The Marxist dupes at the New York Times are saying that the only reason the world's economy hasn't crashed is that investors are hopeful that the bailout will come back to life. These traitors have no shame at all. Bush can be such an idiot at times. I've always said he will go into the history books as a weak president. His continued duplicity in this week's attempted socialist economic coup is more evidence to that effect.

Send President Bush an e-mail (just click) and tell the pathetic lame duck that he is starting to look like Nancy Pelosi more every day.