"We Admit It. We Have No Idea What's Going On"

Most of the news this morning reflects yesterday’s -427.47 point Dow bath and the general feeling that the recession is not only here now, but will be deep and lengthy. Overseas stock markets fell sharply Thursday, taking a cue from Wall Street, as investors remained anxious about the grim outlook for the global economy and corporate profits. In the U.S. layoffs are accelerating beyond already bleak expectations and older Americans, once close to retirement, are facing new economic realities and grieving the massive loss of money they scrimped and saved for retirement.

U.S. reports number of people making first-time unemployment claims rose to 542,000 last week - highest level in 16 years - yet at 8:00 a.m. President Bush said he would veto any bill that would extend emergency unemployment benefits. By 10:00 a.m. President Bush said he would sign it.

The Wall Street Journal's Market Watch weighs in on the Fed’s bad outlook in the video that follows; they have no idea what's happening either:
http://www.marketwatch.com/video/asset/analyzing-the-fed-gloomy-outlook/968A3DB2-B46A-487D-8255-D2D82A6645AE

As messed up as everything looks, however, nothing is so out of whack as the scenario painted for us by the Big-3 CEOs who packed their tin begging cups in their designer luggage which they hauled from Detroit to D.C. aboard their private luxury jets. My favorite part of the hearings went something like this...

"Gentlemen, if any of you flew commercial to these proceedings raise your hand.... let the record show no hands were raised."
"Gentlemen, if you are prepared to sell your corporate jet and fly back home commercial, raise your hand... let the record show no hands were raised."
"Couldn't you all have downgraded to first class or jet-pooled or something to get here? It would have at least sent a message that you do get it."

To critics of the Big-3's mode of transportation during these dark times, GM spokesman Tom Wilkinson said, "Making a big to-do about this when issues vital to the jobs of millions of Americans are being discussed in Washington is diverting attention away from a critical debate that will determine the future health of the auto industry and the American economy."

People judge you, especially when you're on the radar. Is there a Patron Saint of Dumbasses?