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Carnage in the markets! Carnage in the markets! Carnage in the markets! Oops, never mind

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By Michelle Malkin  •  September 30, 2008 07:43 AM

Don’t look now, but stocks are down a whopping 1 percent in Germany and are flat in Britain and France.

U.S. markets are poised to open higher. Update: Dow up more than 200 points in early trading.

Most Asian stock markets are holding up well too. The Shanghai Composite closed down just 0.2 percent; the Hang Seng closed up 0.8 percent; Bombay’s BSE 30 closed finished the day up 2.1 percent.

Flashback: “The US stock market could suffer a devastating crash with shares losing a third of their value this week if Hank Paulson’s financial bailout plan fails, US Treasury officials have warned.”

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Ditto Mark Levin:

The liberal uses crises, real or manufactured, to expand the power of government at the expense of the individual and private property. He has spent, in earnest, 70 years evading the Constitution’s limits on governmental power. If conservatives don’t stand up to this, who will? If they don’t offer serious alternatives that address the current circumstances AND defend the founding principles, who will? The House Republicans have done both. And I, for one, thank them.

Incidentally, if you want to buy a home or car today you can. And if your credit is decent, you can get loans at a good rate. Last week we were told that if a deal was not struck by last Friday, our economy would collapse. It has not. That is not to say the evidence of economic troubles or worse should be ignored. It is to say that now is a time for reasoned decisions based on tried and true principles, not for abandoning them. I notice that the socialist, who, for the last 30 years, has insisted that private institutions make risky loans based on non-economic reasons, still has not abandoned his policies. Socialism does not work. We shouldn’t support more of it.

Related…Lie of the day: McDonald’s can’t get credit!

Posted in: Subprime crisis