| ||markets are crashing |
I'm up at 653am P.S.T. watching as the DOW dropped over 500 points on the open. I never, ever would trade in things like index options, hedgefunds, etc. because I simply cannot control them number one, and number two - I have no actionable research that these would hold any value.
I really wish this bailout plan didn't go through. It wasn't going to work, and I tried like crazy to tell friends, write my senators and congressperson, and it went through. I also just wish Bush could've done one thing decent before he left office, but instead he literally signs a bill that rips money straight out of taxpayer's hands and gives it to the rich executives who completely miscalled this market.
Government bailouts, infusions of cash have been tried before. They do not increase lending in a credit-strapped market when the economy is in a tailspin. If banks stopped lending, then you decrease the rates, or pump liquidity. OK that's been tried - nothing. Then you just wait it out. You don't rape the taxpayer. Cash going to banks is not going to be lent out simply because they're pretty darn smart and they know if they lend money now, chances are they won't get it back. So they hang on to it.
Nothing was gained in this taxpayer bailout. Bush said, "we must act now to stabilize the markets". How did that go for you?
McCain says, "I'm suspending my campaign to go back to Washington to help this bill get passed". Good call, Maverick!
| ||Posted 10/10/2008 6:59 AM - 3159 Views - 26 eProps - 43 comments|
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