Not exactly suprisingly, the talks in the US have stalled. Somehow I doubt whether the Democrats and Republicans can bring themselves to agree on the sky's colour, let alone an economic plan that will put huge strain on whatever government follows Bush's rule. Impasse is an ugly word, but there is a little part of my head that is urging this great spiderous catastophe on. A crunch on a scale like this is bad - imagine the damage to the American economy if it continued for two or three years. It might finally persuade more Americans to get up and start shouting, and - better yet - close down American interference in areas like South America and Africa.
I'm probably an anarchist at heart, really. When Wall Street starts burning I intend to bring marshmallows and popcorn.
Onto BrownWatch, he's currently in the USA doing exactly that. He's going to show the cooperation of the UK in this, although if the talks fall through there is no doubt in my mind that he'll be able to walk away without any more scratches than he currently has, and this is a good way of staying out of the country for the Tory conference.
(PS: Back in May, I said that for a cabinet reshuffle I'd remove Jacqui Smith, Hazel Blears and Harriet Harman. Looks like at least Geoff Hoon - one of the oldest in the Cabinet - is going, and I am pulling Hazel Blears off the list because she impressed me with her appearence on Question Time last night, so that leaves Smith and Harman. I'd love to see either of them put away in a box for the time.)
I've said it before and I'll say it again. Democracy simply doesn't work.
- Kent Brockman, The Simpsons
Why is it that the American government seems to be so good at self-paralysis at a time of panic? You hear all about how great American democracy is, and then when you see it in action in a crisis and it does, essencially, nothing. I think the problem here is threefold.
1) Bush only has about 43 days left in office. Not a helpful position to be in to extract influence on the USA.
2) Congress are currently in Election Fever (and even McCain's stunt in trying to stop the election debates from happening is not going to disuade them) and every single congressman or woman sees this as a great opportunity for a royal punchup.
3) The House of Representatives smells revolution and is Democrat controlled.
All three of these bodies will need to validate any mass bailout of the financial sector. And if you honestly think that the notoriously stubborn politicians the US has in abundance will simply roll over to the bankers, then you're mistaken.
To put it in concise terms, we're DOOMED.
So here is my prediction. If it becomes apparent on monday that the deal is not coming any time soon, the markets will crash by by next friday. I'd put up money but at the moment I have none. Idiotic choice of the supplier of EMA to 6th Form students has put paid to all my habits for the moment.
