I know Dada's Dally isn't always "The Happiest Place on Earth." I'll concede that willingly - uncontested - to Denmark or Disney.
Maybe some of the darkness Dada's is continuously birthed beneath is born from a sense that reality and our interpretation of it are terribly misaligned. Trust me, I try very hard to temper my fear that, as a nation, we are truly in some very deep shit and when we are forced to reconcile our present fantasy world with the real one, it could get real exciting (i.e., "messy") real fast.
Last week, the seventh bank failed under Bush World's economic prosperity era we are currently reaping the "benefits" of with increasing sobriety. As a result of IndyMac's seizure by regulators, Wall Street investors are now sitting on the edge of their seats, waiting for the latest reports of quarterly bank earnings due to hit the fan in coming weeks.
Could IndyMac, claiming the honor of being the second largest bank failure in the FDIC's 75 year history, only hold that title for a few weeks or months? Are there still bigger fish to be fried? Soon we shall see.
In the meantime, this week James Howard Kuntsler talks about our teetering national economy in his The Clusterfuck Nation Chronicle after Fannie Mae and Freddie Mac, the two major vertebrae comprising the backbone of our nation's housing finance system, suddenly came under closer scrutiny in light of the housing bubble now deflating all around us.
Just as a note of the economic enormity Fannie and Freddie represent to the U.S. economy, at the end of last year they had a combined book of business valued at about $5,000 billion. (That's the calm way of saying 5 trillion dollars!) That's difficult for me to imagine when I'm down here concerned about my electric bill going up next fall an average of $10/month.
But let me just quote a bit from this week's Kunstler as a hint to why I tend to be a little pessimistic at times. (Note: emphasis are mine)
"If Fannie and Freddie are left to die out on the desert floor, say goodbye to the housing market, the major investment banks, countless regional banks, the retirement accounts of virtually everyone in America, the viability of all fifty states' governments, and the day-to-day operating ability of all their municipalities -- and very likely the current incarnation of the world banking system.
"This process is really out of control now. The bottom line is the comprehensive bankruptcy of the United States. The Republican Party under George Bush will be known as the party that wrecked America (release 2.0). Painful as it is, Americans had better get a new 'Dream' and fast. It better be a dream based on the way the universe actually works, which is to say an operating procedure run on earnest effort and truthfulness rather than merely trying to get something for nothing and wishing on stars. We might begin symbolically by evacuating Las Vegas and calling in an air strike on the loathsome place -- to register our new reality-based attitude adjustment."
Dada says, "Ha, ha! Poor Las Vegas. Why, when looking for the worst of our best, is Las Vegas most often mentioned?" But I digress.