WE'VE MOVED! Democratic Convention Watch is now at http://www.DemocraticConventionWatch.com
The National Republican Campaign Committee needs money. They're borrowing $8 million, according to Roll Call (subscription required). I can only wonder what kind of interest rate they're getting, and from where they are borrowing.
Now certainly, there is a set of political ramifications in this. We've known for months (since Tom Cole said "You're on your own") that the GOP House candidates were in money trouble, irrespective of the market. And the lack of funding ads will certainly show up in the polls in the last weeks of the campaign.
But they're not the only ones who have money problems. And as odd as this may sound, I am glad they are borrowing money. The reason that the markets dropped so quickly late in the day yesterday is that mutual funds had to raise cash to pay the investors who panicked early in the day and decided to cash out. "Panic" is both a self-fulfilling prophecy, and a vicious cycle. ***If*** people can borrow, spend, and invest, we pull out of this crash. And by "people" I mean individuals, businesses, governments, and organizations.
So thanks to the NRCC to doing their best to help the economy. It won't help their candidates, it's too little, too late, and oh yeah -- THEY'RE JUST WRONG, but it's nice to see the money churning around the system.
So how about you?
UPDATE: Loan is coming from Wachovia.