Today the United States House of Representatives rejected a wall street bailout. It’s about fucking time is all I can say. For once, all the fear mongering/disaster predicting/doom and gloom smoke screen wasn’t thick enough to conceal the simple truth: the White House tried to use a moderate crisis to ram another power grab through the legislature. Make no mistake, this bailout bill was not about preserving the economy, it was about giving unelected, incompetent cronies near unlimited power and money to wreak whatever havoc they so choose. Don’t believe me? Read the bill.
What kind of dumbass country can pull together $700 billion dollars to keep the finance industry afloat, but let’s children die on hospital floors because ‘universal healthcare is too expensive?’ So if you’re upset that bill didn’t pass, I’ve got news for you, this is the most progressive step the US has taken in the last 7 years.
Now a quick lesson in stock market thinking: you make money in the stock market when you buy low and sell high. The markets are currently LOW. Ergo…
Think about it.
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Unfortunately fear hasn’t lost yet (and won’t). It may take a day or two, but they’ll just polish this turd a little, then pass it. It all about appearances.
@Rick, probably so, but you must agree that it’s amazing they have to polish it at all…
I was hoping you’d give us a post on this topic this week, Kavan! I’m not too strong in economics, but a power grab for the Washington elite is what I saw happening too – it’s nice (maybe not the right word?) to see it confirmed by someone with a little more knowledge on the subject. There may also be some interesting political play going on, with the election right around the corner.
What I find interesting is how the market is rebounding today – the Dow is up 400 points already. I’m interested to know what you make of that bounce. High hopes from bargain hunters?
I guess the flood gates are open now. It’s interesting, another 800 billion, but none of the aforementioned frenzy. I guess now that the elections are over, it’s business as usual?
http://www.usatoday.com/money/economy/2008-11-25-fed-lending-package_N.htm