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    Sean Daily is an English major from New Jersey now living in Las Vegas, the Other City of Lights. "I consider 'Fear and Loathing in Las Vegas' to be comfort reading, I like the al pastor tacos at Tacos Mexico and I count among my literary influences the Chainsaw from 'Doom'. 'RRRRRR! You don't like that, do you, Mr. Undead Marine! RRRRRR!'"

    Shanoah Alkire is our Discordian at large. "Born in Santa Cruz, I grew up in Grass Valley and the Bay Area, and now lurk in Las Vegas. My literary influences include Ray Bradbury, Lewis Carroll, and Douglas Adams. I also program as a hobby, and currently maintain the Gtk port of Angband. You can find a rather old bio of me here."

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10-3-08 John Mellencamp – Pink Houses

Posted by Sean on October 3, 2008

Well, whaddya know, Shanoah. The bailout passed, and the Dow Jones still tanked. It was up as much as over 300 points from the opening bell. But then word came around in around 1 p.m. that the House had passed the bailout, and it tanked. It closed down over 157 points today, and over 650 points for the week.

What does this mean? I have no idea. All I know is that it’s bad.

If you believed the hype, the DJI should have gone up at the news of this bailout. I certainly believed it. People should have had their confidence restored in the stock market, at least partially, and pumped more money in.

Instead, the DJI dropped, and it dropped off a cliff. It opened at 10,483.96, climbed to a high of 10,772.85 at around 1:05 p.m. EDT, then crashed down to a close of 10,325.38 in less than three hours. That’s an average drop, from its high for the day, of almost 150 points an hour.

Same thing with NASDAQ. It was at 2,044.76 at 1:09 p.m. EDT, slipped a bit but clawed back up 2,040.57… then the NASDAQ dropped like a rock, too. It ended the day down at 1,947.39, a drop of 1.5% for the day – almost the same percentage drop as DJI.

Think the moneyed classes know something that we don’t?

Well, since this thing was set off by subprime house mortgages, it seems appropriate that your neat thing today would be Pink Houses by John Mellencamp (then John Cougar Mellencamp), off 1983’s Uh-Huh. Perhaps the lyrics of this 25 year-old song still have some bearing on the dreams of the people who took out these mortgages in the first place and on the men who profited from them. Perhaps we should read them.

Courtesy of John Mellencamp.

Well there’s people and more people
What do they know know know
Go to work in some high rise
And vacation down at the Gulf of Mexico
Ooh yeah
And there’s winners and there’s losers
But they ain’t no big deal
‘Cause the simple man baby pays for the thrills, the bills
The pills that kill

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One Response to “10-3-08 John Mellencamp – Pink Houses”

  1. […] 10-3-08 John Mellencamp – Pink Houses […]

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