Despite the ballyhooed $700 billion (actually, with pork it's closer to $852 billion) bailout deal, for the first time in four years, the Dow falls below 10,000:
Investors around the world have come to the sobering realization that the Bush administration's $700 billion rescue plan won't work quickly to unfreeze the credit markets. Global banks, hobbled by wrong-way bets on mortgage securities, still remain starved for cash as credit has dried up.
That's caused stocks to plunge in the U.S., Europe and Asia, and drove investors to sink money into the relative safety of U.S. government debt. Fears about a global recession also caused oil to drop below $90 a barrel; and the benchmark index that gauges fear in the market jumped to the highest level in its 18-year history.
So. What do you think? Did we just spend $700 billion on nothing? Link
2) The problem was never a falling stock market, nor is the solution a rising stock market.
The market is collectived wisdom, at best. It is not technical knowledge, and it is not the outcome.
We want more jobs. We want more higher wages for workers. We want more output from factories, and more work for service and/or white color workers. We want more profit from companies, too.
The stock market -- and the Dow Jones average of 30 aribtrary stocks -- are not any of that.
I think this site secretly loves angry posts and comments. I can see no other reason for all the political stuff that's ending up on here.
Deregulation didn't help California's energy problems and it didn't help our economy.
The bottom line is that in this world some people will step on their own mother to make a quick buck and they will certainly step on yours without thinking twice.
Yes, we do need regulators because deep down we're evil. Every last one of us.
Politics is part of the world we live in and some of the reason we are in this mess. So of course it's relevant.
On the bright side of all this:
I'll be paying less for gas now! w00t!
I know they really screwed the lower income families over in the past but now is no time to protest because if they hadn't passed that we would have all been screwed. that's a different fight for another day in my opinion.
* I say "armed robbery" because according to Congressman Brad Sherman, representatives were told that if the bailout did not pass there would be Actual Martial Law in America. This is different from the congressional procedure of martial law which was declared initially to rush through passage. The viable threat of armed force during a robbery is armed robbery.
Very true! I agree 100%
it's just lame that I have to deal with it on Neatorama is all, and kind of ridic after that post about not wanting trolls.
Also this sort of thing I don't really consider "Neat" though it is extremely important!
In other words, all the talk about the "bailout" was a waste of time.
Now that's a good one! Ha! Haa! Ha! Haa! Ha! Haa! Ha! Haa! Ha! Haa! Ha! Haa! Ha! Haa! Ha! Haa! Ha! Haa! Ha! Haa! Ha! Haa! Ha! Haa! Ha! Haa! Ha! Haa! Ha! Haa! Ha! Haa! Ha! Haa!
Oh, wait; you're serious, aren't you?
For all you who are seriously confused about the root cause of the current crisis, check out this summary in video:
http://uk.youtube.com/watch?v=NU6fuFrdCJY
Thanks for speaking the truth. Unfortunately, the David Govetts of the country will continue to blame Clinton for everything, from the stock market to halitosis to their car not starting in the morning.
Looky here: http://www.youtube.com/watch?v=HaG9d_4zij8
Agree.
However : )
The yanq's just socialised the debt. WTF! You were just robbed blind and.....business as usual. And this from the R's who believe in free markets???
I won't lay 100% of the blame at Clinton's feet; it was Jimmah Cahtah who gave the ball its initial shove, and Bill just gave it a running push (eight years' worth). Of course, the gravity of almost 40 years of Congressional meddling is the biggest problem... But hey, who's counting?
For those who haven't seen it, this YouTube video gives as good a summary of the underlying issues as I've seen. (To give that video a little extra credence, know that YouTube pulled it from their US servers because it used some music that Warner Music took issue with.)
I'm guessing you're living overseas. W gave us each a $600 check 6 months ago to go out and buy stuff in order to fix the economy. And here we are today.
In the meantime, our liberties continue to erode, the constitution becomes less and less relevant to the form of government we are ruled by, and we continue to make very expensive and futile war.
In other words, no, nothing has changed. And nothing is going to. Our citizens are too poorly educated to understand what is wrong.
And if I had my druthers, I'd rather talk serious issues that may determine the future neatness of my country with the Neatorama crowd than anywhere else.
LOL
October 6th, 2008 at 1:28 pm
The Clinton Democrats got us in this mess. The Pelosi Democrats have perpetuated it. And the Democrats want us to vote for Obama? Are they mad?"
Bzzzzt. The bill to deregulate the financial market (which is pretty much what pushed us straight into this mess) was written by Republicans and passed the veto-proof Republican majority in the house AND senate before it was sent to Clinton to sign into law. Again. Veto proof.