Here We Go Again!

Smash, thud!:

NEW YORK » In one of the most dizzying half-hours in stock market history, the Dow Jones industrial average has plunged nearly 1,000 points amid worries about European debt.

The Dow has managed to recover two-thirds of its losses and close down 347 at 10,520. But all the major indexes lost 3 percent in a day that recalled the market turmoil of the 2008 financial crisis.

There were reports that a technical glitch hastened the selling. Even so emotions are running high. Traders are concerned that Greece's economic problems will hurt other European countries and ultimately, the U.S. recovery.

Well, that's interesting! Farewell, once again, to the 401K!

I had to laugh at this story from yesterday:

The Hill is reporting that House Republicans are set to send a letter to Timothy Geithner objecting to the inclusion of any U.S. taxpayer funds in the $144 billion bailout deal for Greece hammered out by the European Union and the IMF. U.S. IMF commitments put the hook for Americans at somewhere between $3 and $10 billion, which is not much compared to what other European countries are chipping in, but House Republicans are men and women of principle. Not one dollar should go to save the feckless Greek from their folly! If Greece gets a bailout, you can bet that Portugal and Spain will be holding their hands out in short order, suggested Rep. Cathy McMorris Rodgers (R-Wash.), vice chairwoman of the Republican Conference.

Now, Timothy Geithner probably pisses away between "$3 and $10 billion" every day before breakfast, so House Republican letters of this sort are of no interest to him. What is of interest, however, is just how quickly the government responds when real money is at stake. As it is today!

Pay attention, for once, House Republicans! Stop the silly grandstanding!