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
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.
LOL