All Wet

I got a lot of flak from some who said I was all wet when I said the bailout plan would have no immediate effect - and maybe no positive effect at all. They said I was nuts when I predicted the Dow would tumble below 10,000 after the plan passed.

As I write this, the Dow has tumbled well below 10,000, and markets around the world are falling apart.

The Congressmen that passed the bailout bill provided us a bucket for bailing out the sinking ship. But they never thought to patch the hole in the bottom of the boat. And that is the problem. Until someone does something constructive to seal the hole, bailing water is a waste of time and 700 billion bucks.

In an earlier post, I suggested several things, all simple to do, and mostly cost-free, that would help seal the leaks in our boat. I pray the politicians come to the same conclusions before it is too late.

But for those who believe the bailout will be effective, I would remind you: put the teeth you lose in this fight under your pillow for the Tooth Fairy. That will probably provide greater benefit.