29 Sep Dow Jones Drops 777 Points When Bailout Fails
The Dow Jones Industrial Average fell over 777 points today. This is the largest one day point drop in history. However, the percentage drop is not the worst in history although it is significant. I must admit that it was very difficult to work while history was being made. While I was glued to the television all day watching the developments in the House of Representatives, it was amazing to watch the rhetoric change on Wall Street. Instead of being a Wall Street bailout, which it is, the bailout is now being re-framed by the Democrats and Republicans who voted for the bailout as a Main Street bailout. This is very unfortunate and disturbing. Do they really believe that in order to be right, they have to scare the wits out of the American public? both Democrats and Republicans know that there is nothing in the bill that helped Main Street. Likewise, Nancy Pelosi’s speech was just idiotic. I believe that she thought the vote was all locked up when she made that speech. Let’s face the music, you can not scare anyone facing foreclosure and the loss of their homes any more than they are already scared. The American people are not stupid and our Congressional Leaders found that out today. The American public proved that a democracy still means: Rule by the people.” People called, faxed and wrote letters in droves against this early Christmas Gift to Wall Street. the American public said no to a government bailout, and yes, the stock market tanked , and it may be even worse tomorrow.
Secretary Paulson, who I am sure has been working very hard lately, is naive if he thinks that a bailout of Wall Street will save Main Street. But that is the message that is being touted now by all of the talking heads on the news shows. Secretary Paulson refuses to start where the problem is, people are losing their homes on a daily basis all over this Country. I cannot believe that our leaders do not understand our financial system. In other words, let the market take care of itself. If you want taxpayer money, you need to help the taxpayer save their homes.
Secretary Paulson’s speech was laced with disappointment. I think our elected officials need to go back to work, speak with some of the best economists in the nation and figure out a way to make this bill work. In my opinion, they need to reinsert the bankruptcy provisions and allow the modifications of first mortgages in the Bankruptcy Court. But, what do I know, I only deal with people who are involved with these issues daily. Maybe if I moved to Wahsington D.C. and shoved my head as far up my butt as it would go, it would make more sense to me.
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