If you go out tomorrow…

… wear a hat because pigs are flying and you just KNOW they will eventually crap on us all.

Where to begin?  There is so much going on right now that Willow has begun hitting the catnip to cope.  Presidential Campaigns on hold.  Gigantic financial bail outs for people who already have more money than the rest of us.  Washington Mutual taken over by the FDIC.  Bush gave a speech and nobody cared.  The Democratic party rushing to push through Paulson’s Bail Out plan with only a few modifications, but the Republicans are stalling.

My head is spinning.

What I do know for certain is that this sort of debate, mostly open to the public, is great for our democracy.  I think I’m just in shock though because I don’t remember ever seeing it before.

And if debate slows this process down and gives us a little more time to think maybe more idea’s could be brought to the table instead of just going forward with Paulson’s original plan.  In fact here is a link to an article where the author, Robert Kuttner, makes a suggestion that is in line with some of my earlier thoughts.  Instead of using that $700 Billion to buy bad debt from Wall Street why not buy up the original mortgages?

Here is an excerpt:

• Paulson’s approach is top-down-rescue the banks. But it’s actually more efficient to rescue the homeowners by stopping the foreclosures. Refinancing the mortgages would allow the bondholders to recoup some percentage of their investments. For a lot less than $700 billion, we could refinance every mortgage in America that is at risk of foreclosure. Along the way, we could keep people in their homes and shore up the collapse in housing prices. Paulson’s plan does neither. Markets would begin loosening up, as in Paulson’s plan, but the route would be bottom-up rather than top-down. Homeowners would be the primary beneficiaries rather than the incidental ones. With Paulson’s approach, the wave of foreclosures continues, reducing the likelihood that the government gets its money back.

With all this going on here in America I wonder what the rest of the world is doing?

• Russian warships are visiting Venezuela
  
• North Korea has taken the seals off of their nuclear reactors
• Pakistan is shooting at U.S. helicopters that attempt to cross the border from Afghanistan in pursuit terrorist suspects
• China and Russia are getting together to block new sanctions on Iran to limit nuclear proliferation
• Saudi Arabia walked out of a recent OPEC meeting in conflict with other members

So with all the crazyness going on keep your eyes open.  Who knows what will come next…