Congress Calls WallSt.’s Bluff
This pretty well sums it up, amazing.
Congress calls Wall Street’s bluff, and we lose
Commentary: How rejecting a $700 billion plan cost us $1 trillion
By David Callaway, MarketWatch
Excerpt: "While groups of politicians bickered like schoolchildren over the failure of the House of Representatives to pass Treasury Secretary Henry Paulson’s $700 billion bailout plan, the S&P 500 Index plunged to its worst day since the week of the 1987 stock-market crash, wiping out more than $700 billion in the index’s market value.
In other words, we all just spent that $700 billion today — and still didn’t get a rescue plan.
But by making this about a bailout of fat cats and not what it clearly was — an emergency rescue of the global financial system — Congress imperils the investments, deposits, money markets and life savings of millions of Americans, to say nothing of people around the world.
In total, more than $1 trillion was wiped off the value of the entire U.S. stock market Monday, as measured by the Dow Jones Wilshire 5000 Index…"
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