The world’s markets don’t seem to know what exactly the failure of the Tarp might mean. The FTSE, after initially falling 140 points, is now in positive territory. The Hang Seng too, is currently up.
In spite of big falls in Japan, there certainly hasn’t yet been the end-of-the-world cataclysm that Hank Paulson and co. were prophesying. That in itself makes it less likely any bailout bill will ever get through. Foretelling the end of the world was a major lever used to get congressmen to vote for the bill in the first place.
In lieu of analysts’ comment and the failure of the current US leadership, we look, then, to the future. And so to the Delphic ramblings or potential future veep, Sarah Palin. The Palin interview with CBS anchor Katie Couric has already been mocked (Tina Fey) this week, but it warrants revisitation for two reasons. Firstly, because Palin actually tells us what might happen if the bailout fails and why it’s needed (very topical) and secondly, because truth really is stranger than fiction.
Click the picture below to watch the video of Gov Palin getting to grips with the Tarp, and read-along too. Transcript follows.
Katie Couric: Some top republicans and democrats, may not support this bill if Senator John McCain doesn’t because it may be unpopular and they’re not willing to take the political risk. If it doesn’t pass, what is the alternative?
Gov. Palin: Th..the alt.. as I say inaction is not an option we have got to shore up our economy. This is crisis moment for America. Really the rest of the world also. Looking to see what the impacts will be if America were to choose not to shore up what has happened on Wall Street because of the…the ultimate adverse effects on Main Street and then how that effects this globalisation that we’re a part of on… in our world. So the rest of the world really is looking at John McCain – the leadership that he’s gonna provide through this and if those provisions in the proposal can be implemented and make this proposal better make it make more sense to taxpayers than again, John McCain is gonna prove his leadership.
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But ultimately what the bailout does is help those who are concerned about the healthcare reform that is needed to help shore up our economy um helping the… oh – its gotta be all about job creation too – shoring up our economy and putting it back on the right track. So healthcare reform and reducing taxes and reigning in spending has got to accompany tax reductions and tax relief for Americans and trade we’ve got to see trade as opportunity not as competitive um scary thing but one in five jobs being created in the trade sector today we we’ve got to look at that as more opportunity – all those things under the umbrella of job creation – this bailout is a part of that.