Morning Coffee 9.30.08

Congress told Bush and his cronies no to the bailout plan. Only thing is- what’s the alternative? I still don’t fully understand this economic situation outside of it’s bad and my beloved WAMU is no longer…but what’s the other choice? [BBC]

Wall Street translation of Congress’ veto: “Good luck homie.” And of course, we expected stocks to fall again. [MW]

But here’s a joke: Palin says she’s looking forward to her vice presidential debate with Joe Biden. **uncontrollable jokes from the peanut gallery** [NYT]

Barack (and MTV) attempt to answer mine (and probably your) confusion about the economy and how it will affect us. “If the credit markets collapse, what it means is banks aren’t lending businesses money. Businesses then can’t invest in plants and equipment, and make payroll, so they shut down. And that means the suppliers of those companies, they shut down. Over time, what happens is you get the whole economy coming to a standstill. That’s what happened during the Great Depression,” he explained. “And at that time, it was just banks that were in charge of capital. Now you’ve got all different ways that money flows … but the bottom line is, that if money freezes up, businesses can’t do business, and you get an enormous contraction of an economy. And that, ultimately, will affect that 20-year-old, because that 20-year-old is going to be looking for a better job after he gets out of school. … If our businesses aren’t creating jobs, they’re not creating tax revenues — now it’s harder for government to finance that college education or to build that new university. So it has a ripple effect.” [MTV]

It’s Tuesday. Think good things- TI’s album Paper Trail drops today and it’s actually good. Jay-Z is supposedly dropping Dec 2. with Blueprint 3. Do you care? I don’t really, I need him to have a bigger, better single than “Swagger Like Us.” The Jay-Z I know doesn’t need three other dudes on a track to bolster his first single. Gimme that good Jay Def Jam- stop playing.

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