I wrote on September 28th the following: No $700 billion ever made can stop a crash of a financial system that people have lost their trust in and believe is unstable.
And today's stock market results bear that out: the Dow was down over 800 points today before the market underwent a last-minute rally, which allowed the Dow to close down 300+ points instead of the 800 points that looked likely as the clock ran out.
The problem now is that the global markets are crashing as well. A lot of Western countries do not have an FDIC to safeguard their deposits as we do, and when a government rushes in to save a bank, it has adverse effects on their own stock markets, which are also tied into Wall Street. And investors are panic selling, because they believe that the financial system is weak and unstable.
Welcome to the dark side of globalization.
Is it too late to revoke the bailout? If it isn't going to work, then they should not proceed with it at all.
This has been the strangest bill in quite a while; the size of it is HUGE; Wall Street didn't want it, the politicians say they didn't want it but attached $150 billion in pork to buy off their colleagues to vote for it, Wall Street put it's reaction on public display by losing hundreds of points on the days that the House and Senate voted on this bill; then they said it probably wasn't the fix that was needed. Then Wall Street lost hundreds of points more over worry that the money won't come fast enough. And the taxpayer's on the hook for the entire $850 billion package with little to no hope for a return.
The entire mess should be repealed and re-thought; throwing money away like this is UTTER stupidity!
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