The Senate passed the bailout bill last night. You would think everyone, especially on Wall Street, would be breathing a sigh of relief now, right? Wrong. Here’s the Dow at this moment:
The Jawa Report comments:
Market Plunges on News of Senate Action to Stave off Market Plunge
Don’t panic. I’m sure this is all part of the plan.
I tell ya. I’m really glad the smart people in Washington are handling this, because none of this makes much sense at all to me. If it were up to me, I would’ve probably held off until I saw some real, tangible evidence of a market-wide credit lockdown before I sent 700 billion dollars I don’t have to a bunch of rich guys I don’t know. I guess that’s why they’re there and I’m here…
But, but, but…I thought the bailout was supposed to fix the problem in the markets…!
Okay, let’s be real. The government ‘fix’ isn’t a fix at all. I heard an interview with Senator Jim DeMint — one of the few true fiscal conservatives, and a leader in opposing this bailout — this morning, and he related that no one, not even Paulson himself, is suggesting this bailout will have any kind of long-term effect on the economy. To be clear: THIS BAILOUT IS A SHORT-TERM BAND-AID!!! As I said earlier today, this bailout is going to give unchecked authority to an unelected man who will be replaced by an unknown person in three months, with a direct link into an unlimited amount of your tax dollars…all for a temporary band-aid!!!
This looks likely to pass, but it’s not over until the vote is finished. Make your voice and your anger heard: call now.
There’s my two cents.