US Government Kisses Its Own Fannie

Fannie Mae and Freddie Mac were bailed out by the US Government this weekend, saved from implosion at least for the moment. What does that mean for you and me, the Joe Average investors of the world? Who the heck knows? If all goes well (and it usually does, doesn't it?), the housing market will stabilize, all the money we've lost in our 401K's will come back, the world will be grateful for our continued economic leadership and bluebirds will chirp as we hold hands and walk the golden road of life together, singing Kumbaya and eating Doritos right out of the bag (ZERO grams of Trans-Fat, by the way!).

Some people think the economy is a glass that's half empty, and some see it as half full. I look at it and say "Man - ain't that one of them Simpson's cartoon glasses that used to be a peanut butter jar?" The fact is, all taxpayers living and dead will be paying off this bailout for decades, all because of gluttons and swine among us, who despite having lousy or no credit just had to have that new Lexus or townhouse they couldn't afford. Now that's been up-chucked into our collective lap. Then again, isn't that the American Way? Bring us your tired, huddled, stupid masses who can't get a grip on their own checkbook, and we'll play sucker to their pathetic immaturity and inability to cope with the basics of reality. I know, I know, I'm just brimming with patriotism, optimism, and lots of other isms today. Ticks me off that a certain White House Administration has watched this situation fester for, oh, say about 8 years, and did nothing until now while countless lives were ruined. I say if there ever IS one, the "W" library should be built at the bottom of the ocean. Any divers interested enough to scuba down to it will find empty shelves, as there really wasn't much he could read that didn't have pictures in it anyway. Art imitating life.

Ike has emerged from the South of Cuba as still a category 2 storm, 100+ mph continuous winds, and is charting a path towards the Texas Gulf coast. A little good news for New Orleans, but lousy for Texans. Also apparently spared is the Cancun/Cozumel area on the Yucatan peninsula of Mexico. Ike seems like it will stay North of there. Those areas were so hard-hit a couple of years ago, and the hotels had to be re-built from scratch. By the law of averages, they were just about due for a pass. Keep an eye out, Texas. You're going to need some luck and a whole lot of prayers in short order.

For anyone cruising this week from Southern California, the West Coast is the Messed Coast. Maybe not as bad as Texas with Ike bearing down, but still pretty uncomfortable. Tropical storm Lowell is sitting just West of Cabo San Lucas, heading Northeast over the next day or 2 or 3. He's parked right in the path of any ships that left LA Saturday or Sunday, trying to get to their normal ports of call. About the only good news is that Lowell doesn't appear to be strengthening much, if at all. Just a royal pain to anyone trying to vacation or cruise in the area. That's September for you.....if you're anywhere in the tropics, you have to understand Mother Nature's normal sense of humor is lacking. At least until Halloween.