Haven’t put a six-pack together in a bit, so I figured, what better time than now?

1. With the markets getting hammered on a nearly daily basis, and the economy not doing too well itself as we find out the downside to historic Fed-inspired credit bubbles, it is no surprise that individuals are looking towards a more simple lifestyle in order to make ends meet or simply relieve pressure and ensure “peace of mind you can’t put a price on”. This exceptional story highlights the measures being taken by a number of folks tired of trying to keep up with the Joneses. While most are probably not going this far, it is safe to say that there is a growing trend towards thrift in the United States at this time. With debt levels at historic highs and savings rates at historic lows, this is the sort of trend that will be around a while as the proverbial house gets back in order.

2. With the downturn comes thrift, as well as indignation. Current anger is rightfully being aimed at those in the governing bodies who see honest, responsible, prudent individuals as a sort of piggy bank to be shaken for their strange projects aimed at helping the collective. The problem with these projects is two-fold: 1. they are being implemented by the same folks who got us in the mess in the first place! and, 2. they immorally rob from the prudent to help certain interest groups, with the justification being it is needed to “save the system”, perhaps the system needs a reality adjustment? Sandra Hamilton expresses the anger of those unfairly being forced to backstop foolish ridiculousness.

3. With the economic destruction now putting the final nail (knock on wood) in the disaster that has been the Bush/Neo-con presidency, it is becoming clear that the Democrats will be taking significant power in the upcoming elections. In my opinion, this is a popular repudiation of the last 8 years of Neo-con policy: pre-emptive war, nation building, Constitutional protection assaulting, police state building, massive deficit financing, casino crony corporatism, head spinning foolishness. The movement away from such policy is good for America. The problem is, it is questionable as to whether the Democrat answer will be better. One thing that would be unquestionably GREAT for the American Republic, would be a continued shift in the Republican Party towards the common sense, limited Constitutional Republican values that have gained a foothold related to the movement surrounding the Ron Paul campaign and various like-minded thinkers. Allvoices reports that Paul supporters are well-positioned to affect the Republican Party in a positive manner in the coming 2-4 years.

4. Mike “Mish” Shedlock provides quality commentary on central authority attempts to avert “Great Depression II”. The problem is, continuing intervention into the marketplace, and related blurring of property rights, as well as assaulting of the underpinning of the dollar system, are the types of MACRO issues that can lead to MASSIVE DEPRESSIONS as opposed to simple readjustment recessions. In my opinion, the best single step anyone could take in relation to the crisis, would be to provide a fundamental backing of well-defined property rights. If the authorities debauch our system of freedom and proper ownership, you will see one helluva depression, that is a guarantee. Allowing free people to trade minus government intervention would be another quality step - and this includes credit and currency products, which are the bedrock of a free economic model. All this constant intervention has placed our economy back decades and will only further hinder it going forward.

5. Zogby reports Obama has opened up a double digit lead in the polls. I am not really a large fan of either Obama or McCain, and will likely be voting third party, but I do congratulate the candidates for their efforts. As we move forward, the primary movement I am looking for is one towards more peace, freedom, and prosperity through sound philosophy and adherence to the U.S. Constitution. I believe Bush and Co. have done some fundamentally unsound things to our Republic and I would hope Obama will see the light and take steps towards healing our Republic. Again, as mentioned above, attacking property rights will not be beneficial to society in any way, so please keep that in mind. One thing I hope to see is Obama and the Democrats heal certain civil liberties rapidly.

6. Former banking giant Wachovia, currently in-process of being acquired by Wells Fargo, today reported a $23.9 billion quarterly loss. This is a mind-blowing loss, especially when considered against the current market capitalization of the company at $12.3 billion. The losses indicate that the banking giant took on some horrendous assets, that Wells wanted the charges taken before officially acquiring the bank, and that the assets of many banking establishments likely hold significant further losses on the books. Talk about piss poor capital management.

Filed under: Politics, Social Mood, Economics, Six Packs, Current Events