Patience and Confidence

As anyone who is paying attention will tell you, the financial markets are still in a free-fall. From what I have read so far today, including this article, this should not be a surprise. Congress did not exactly act quickly to try and dispell fears with the market, and even after passing the bill, everyone, including the market, knows it will take some time to implement the programs. The market will not bounce back immediately upon passage of the bill. Another thing that bothers me about the market, and economics in general, is that it seems to be a confidence game as much as anything. The article I have linked has another link directed toward today's drop in the market stating "Stock Drop 'Strictly a Matter of Confidence.'" Apparently, all the "market" needs is a little confidence and it will rebound. Of course, I have read another opinion that one more factor the market may be considering is the real possibility that Sen. Obama, and Democratic majorities in the House and Senate, is elected and we end up with the most liberal government in history. The market may be reacting to that possibility by getting out of the market. Would the damage to the market, and the savings and 401(k) losses, have been better or worse without the passage of the bill. We may never know. I for one am glad Congress did pass the bill. Again, is it a good bill? NO IT IS NOT. It is a terrible bill, but it is the bill for having a Congress (Democrat and Republican) determined to enforce political correctness in the financial markets, and moreover the bill we pay for having a representative government (puns intended). Also, I would have to say that I am a bit worried about what would happen if the Democrats have a firm control of the White House and both houses of Congress. Generally, I believe the country and the Constitution to be pretty strong, but that much liberal ideology may be very tough to survive. Sort of like getting chemo for cancer when you really need diet and exercise. If you do not like the way the government is being run, get new people in there. I know that is easier said than done, but it is what needs to happen. We need people that are going to reward honesty and hard work, and punish fraud and deceit. Not to mention politicians that might actually put the good of the people they represent ahead of their own careers. Frankly, I am not going to hold my breath.