Showing posts with label AIG. Show all posts
Showing posts with label AIG. Show all posts

Thursday, September 18, 2008

Short & Sweet

Well, unless you've had your head buried in the sand for the last week, you've probably noticed that things on Wall Street have been a little hectic. Lehman Brothers filed for bankruptcy on Monday morning, insurance giant AIG nearly did the same on Tuesday, and the markets have generally been in turmoil -- the Dow down nearly 450 points yesterday, and then up over 400 points today. In over eight years "in the business", I cannot recall a busier week -- nor can I can recall seeing more volatility. Most alarming for me, I think, is that I can't recall seeing more uncertainty, even from so-called "experts". With the government's apparent plan to create an entity in which to dispose of all of the toxic debt plaguing so many financial firms, the buyers returned today with more conviction than I've seen all week.

Long story short, I've barely had time for lunch this week, and what is already a fairly stressful job has been even more so this week. As a result, blogging has been the last thing on the agenda. The last hour or so of today brought the first signs of potential stability, and should tomorrow be a return to (some semblance) of normalcy, I'll hope to be able to write a post or two this weekend and early next week. In the meantime, a few quick thoughts to leave you with...
  • The McCain-Palin "bounce" in the polls following the Republican National Convention appears to have exhausted itself. This is not unexpected -- a "bounce" is inherently temporary.
  • With that said, though, McCain likely catalyzed the reversal in the polls this week when, in the midst of Lehman Brothers' declaration of bankruptcy and a stock market meltdown Monday, he affirmed his belief that "the fundamentals of our economy are strong". He's not entirely incorrect, technically, but that was the last thing that nervous Americans wanted to hear, and it was remarkable in its political tone deafness given the slew of headlines people were seeing that indicated quite the opposite. The lead McCain has enjoyed in the polls since the convention immediately began to disappear, and as of today, he again trails Obama.
  • According to CNN, Obama is now using the teleprompter for each and every speech he gives -- even for what would normally be considered fairly informal, casual stump speeches. I have a few thoughts on this bit of news. First, clearly the Obama Campaign had become concerned about the candidate's ability to stay "on message" when speaking extemporaneously, perhaps trying to avoid another "lipstick on a pig" moment. Second, this reinforces the belief many have that Obama lacks some degree of substance. He can absolutely write a great speech and he can sure as hell deliver a great speech, but every one of the "great" speeches he has delivered has been while using a teleprompter, and conversely, many of the missteps he has made have been when shooting from the hip. Lastly, this is just further evidence of the media's double-standard. Were this McCain who was now relying on a teleprompter for each and every word he uttered in public, the media would be in a frenzy, and the leftist blogs would be buzzing with claims that McCain is so old (or perhaps even approaching senility), and therefore he is unable to even remember his stump speech lines. (Were it President Bush who did this, the same crowd would be trumpeting how "stupid" Bush is, as evidenced by his need for a script whenever he speaks). With Obama, though, not so much as a peep. (NOTE: I stand corrected on this point thanks to a comment from a reader -- and a good friend -- Brandon. Thanks for the correction, Brando).
  • A week from tomorrow is the first of three presidential debates -- Friday, September 26th at the University of Mississippi in Oxford, MS. I predict that Obama will maintain his lead -- perhaps even build on it slightly -- and head into next week's debate with a 3-5 point lead in the polls. I believe the debates are crucial this election year. A disastrous showing by either candidate could have a significant impact on the polls and on the election's ultimate outcome, so be sure to tune in and watch.
  • After a series of missteps and strategic errors, Obama and his campaign enjoyed their first good series of days this week since the Republican Convention. While they seem to have regained their footing for now, he still appears unable to close the deal with American voters. If he had done so, he'd likely be leading by double-digits given the poisonous political environment for any candidate with the Republican "R" next to his or her name. Even still, this election has been and remains Obama's to lose.
I'll be back soon...