A drop to 11,383 in the Dow is still way ahead of March 2009 — though it’ll probably get worse.
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I drove home to Beverly Hills about midnight. I started listening to a report on the BBC about the increasing religious control of Turkey. Then I realized I will never go to Turkey so I switched my great Sirius XM to love songs of the 1950s. I imagined doing to fox trot with some beauty in my Junior High, maybe blond and stupefyingly beautiful Mary Lou Gurick (or did she even go to my Junior High?), and soon I was home. Wow, I knew her as a classmate about fifty years ago. Wow. I got home, swam very late, under the stars and palms, showered, then watched Asian rap groups on M Net, my new favorite channel, and then to sleep. I dreamt I was sitting in on Mr. Obama’s cabinet meetings and young kids were skateboarding on the ceiling of the Capitol Dome, hanging upside down like bats, held up by a mysterious device with green and blue lights like the lights on the bow of my Cobalt.
Chaos. The stock market is way, way, way down today. People are screaming bloody murder. The media is, as usual, selling panic and desperation, exactly opposite the way investors should behave. Calm and cool makes people rich.
CNN called to ask me to be on. I cheerfully agreed and ran into my old pal, Jeff Bridges. He looked cheerful. He was being interviewed by Piers Morgan right across from where I was being made up. Piers did not look cheerful at all or even look up from his notes.
I was interviewed by a great guy named Tom Foreman.
Here is what I said:
The Dow was about 6500 (very roughly ) in early March 2009. After today’s drop, the Dow is at 11,383, a rise of almost 80 percent from March of 2009. Not much to complain about there. Plus, the Dow after the close is about where it was last winter in November or December. No one was complaining then. So, at least so far, it’s not so bad.
It will probably get worse. The new agreement with Mr. Obama and Congress provides zero new stimulus to the economy. Mind you, the deal had to happen because the national debt is far too high. But where the stimulus comes from now is a bit hard for many to see. I personally view it as coming from the ingenuity of 308 million Americans or maybe a few million fewer than that. But it is going to be a slow ride back up. Patience and adaptive behavior. Those are the keys.
Then the Eurozone is in trouble. But Germany and France are the keys to that and they are doing fine. I never got why they had to do the whole Euro thing anyway. Why did they need it? And why do we care if the Eurozone breaks up? How much do we export to Greece anyway? Or Portugal? And there will still be great companies in the Eurozone we can buy stock in. Still, it depresses me when the market crashes.
I was feeling pretty low about the whole thing until I heard a 1960s song about a man whose wife dies. I cannot recall the name of the song but it’s by someone named Bobby Goldsboro. I think it’s called “Honey, I miss you.” I started to sob as I cruised along Elevado in Beverly Hills.
The song and my reaction to it made me realize that as long as I have my wife, I am the richest man on this planet. Just her smile is worth as much as Berkshire-Hathaway.
I don’t know what the future holds for the Dow. I do know that I am going to treasure Big Wifey for as long as God lets me have her.
A man of faith in a godless age is hitting Americans where it hurts.
Mr. and Mrs. American Spectator Reader, let P.J. O’Rourke talk sense to your kids.
In Britain, defending your property can get you life.
It won’t take long for conservatives to scratch this presidential wannabe off their 2008 scorecard.
Was the President done in by the economy, or by the politics of the economy?
H/T to National Review Online