… The world financial markets fall more than they would have, because financial markets are based entirely on confidence. And when you have intimidating officials like President Bush and McBama spreading FUD like, “the worst economic crisis since the great depression,” fickle investors will believe them, and global bank markets struggle.
I’m not saying there wasn’t a partial bomb to begin with — there was thanks to a greedy and irresponsible Wall Street — but that still doesn’t mean top officials can frighten the public with said statements just to bail out their Wall Street buddies who donated lots of money for special interest (which they succeeded in getting this time). Just like yelling “Bomb!” in an airport is illegal, so should it be for individuals in power crying “depression” just to get their way.
A market economy, that is. Thanks for showing some faith today, boys. You make me a proud citizen of Checks and Balances against a corrupt and colluding executive branch. The Associated Press reports:
The House has defeated the $700 billion bail-out legislation for the financial industry.
More than enough members of the House had cast votes to defeat the Bush administration-pushed bill, but the vote was held open for a while, apparently as efforts were under way to persuade people to change their vote.
On Wall Street, stocks plummeted as investors followed the developments in Congress.
These are troubled days, and they could be for a while. But there’s sunrise on the horizon. Just let the market do her thing.
UPDATE: This is a great quote: “Like the Iraq war and patriot act, this bill is fueled by fear and haste,” said Lloyd Doggett, D-Texas.
I sure hope so, because unlike milk farmers from the 30s, I can’t pour out my internets to artificially raise demand. (full story)
Have a great weekend, everyone. We’ll get her done, hopefully without that ridiculous $700 billion proposed bailout.