Reason has for the moment prevailed in Congress with the defeat of the $700 billion bailout bill. Sadly, I'm sure that won't last long.
So, let's see here: Two weeks ago, there was some unease in the markets, but they were generally stable. Bush and Paulson make a big announcement about how we're on the verge of financial collapse, and how we have to give wall street firms lots of free money with no conditions whatsoever. Congress, after much hoopla, has sanity prevail and says no. Markets all of a sudden drop 7-9% because it looks like they might not be handed that free money after all.
The way I see it, the very proposal of this bailout has done more to destabilize markets than anything else. Hand it to Paulson to create self-fulfilling prophecy. Congress should be asking him to resign, not to mention impeaching Mr. Bu(ll)sh(it).
So, let's see here: Two weeks ago, there was some unease in the markets, but they were generally stable. Bush and Paulson make a big announcement about how we're on the verge of financial collapse, and how we have to give wall street firms lots of free money with no conditions whatsoever. Congress, after much hoopla, has sanity prevail and says no. Markets all of a sudden drop 7-9% because it looks like they might not be handed that free money after all.
The way I see it, the very proposal of this bailout has done more to destabilize markets than anything else. Hand it to Paulson to create self-fulfilling prophecy. Congress should be asking him to resign, not to mention impeaching Mr. Bu(ll)sh(it).