!http://www.smerpology.org/sprocket/images/51t.png (Wall St. Fail)!

We truly are living in “interesting times” in the famous Chinese curse sense of the phrase. Where will the markets head today? Will bargain seekers jump in and buy stocks, or will they stay away in droves, sending the indexes lower again?

Meanwhile, Congress is showing that its historically-low approval ratings are well-justified. Election-year politics and populist BS (“We can’t bail out those Coke-snorting bastards who got us into this mess in the first place!”) kept a bill from being passed which is bitter medicine, sorely needed. Evidently dire warnings from Warren Buffett were not enough to sway those in the House whose seats are up for grabs this November. Watching Congress go on about this is like watching two paramedics argue about the best way to tie a tourniquet in front of a trauma patient who is bleeding out.

Finally: everyone please do shut up about “Wall St. vs. Main St.”? It’s a false dichotomy. Whether we like it or not, we’re all in this sinking boat.