Japan’s Nikkei average is down 4.4%. Hong Kong’s Hang Seng Index is down 3.7%. China, Australia, South Korea, Singapore and Thailand? All down sharply. Indonesia’s key index is down over 5%. Again, the million dollar question is…who holds the bad paper? Answer? Everybody.

Germany announced a bailout package totaling 50 billion euros ($69 billion) for Hypo Real Estate, the country’s second-biggest commercial property lender. This is a small part of a scramble by European governments to save their failing banks. U.S. stock index futures were more than a percent lower, suggesting Wall Street was in for another slide when trading opens this morning.

How long does it take to send an email from the U.S. to Europe? About as long as it takes to make a trade from here IN Europe. Or anywhere else in the world. The instant society we live in has intricately connected us financially as well as personally. Right now, that’s not a real great thing.

What is a lesson from the Great Depression that may help us now? Government raised taxes during the Depression to help fund failing banks and work projects. Businesses closed their doors when the tax burden became too great. Catch-22. If our politicians raise taxes on us now, look out below.

This is the SIXTH time in U.S. history that turning mortgages into securities that can be traded like stocks and bonds has gotten us in deep doo-doo. How freaking long will it take for us to learn a lesson? Fannie Mae and Freddie Mac have been up our politicians’ asses forever, giving them NO incentive to stop the massive fraud going on.

The mess, unfortunately, is not contained to the United States. The world has become a very, very small place. So fasten your seatbelts and save your cash. There is no bailout coming for the citizens. We ARE the wallet.

Tough, smart, gorgeous and making history! Alaska Governer Sarah Palin is going to be John McCain’s Vice Presidential pick, edging out Mitt Romney, Tim Pawlenty, Tom Ridge and others. Fox News confirmed the pick from inside the McCain campaign and the official announcement is due shortly.

Sarah’s a marathoner, former sportscaster, hockey player, mother of five…and a very sharp cookie. She was elected Alaska’s youngest and first woman governor in 2006. Sarah and husband Todd Palin have five children: boys Track, 19, and Trig, 4 months, and daughters Bristol, 17, Willow, 13, and Piper, 7. Track Palin joined the Army last September and will deploy to Iraq on Sept. 11. Governor Palin gave birth to Trig, who has Down syndrome, in April.

Palin, 44, has an 80% popularity rating in Alaska…they absolutely adore her. Sarah flies commercial, drives her own Jetta, and has saved the state of Alaska hundreds of thousands of dollars in travel costs. She’s known for working with both sides of the aisle, taking on her OWN party on many issues, and being fiscally conservative.

More details as they come, and congratulations to Governor Palin!! Women everywhere have scored a BIG one today, and McCain has managed to pull off the biggest surprise of the campaign!

Here’s Governor Sarah Palin’s acceptance speech from this morning:

While we wait for someone to grow some, here is one of Snarkista’s favorite Switchfootsongs called, of course, Politicians. Hint: It ain’t a love song.
This is a crazy video version of the song… blame Padme? Star Wars definitely has it’s share of politicians. Do check out Switchfoot Dan’s version too. It’s pretty fab. And to all of you Politicians: stop playing shifty with us. And don’t fiddle around while Russia cranks the Cold War right back up. Y’all keep an eye on Poland too, ‘cuz it’s about to get REAL chilly. Fire it up, boys.