Finally, someone gets it
Been watching the drama unfold with the economic bailout that isn’t a bailout. Anyone who watched the market today, and watched Fox News, could have watched the market drop 600 points while congress was voting on the bill.
One of the things I keep hearing people say “Main Street shouldn’t bail out Wall Street”. Now, on the O’Reilly Factor someone finally caught on to the whole mess. When asked why congress voted the bill down, Stuart Varney said it was because the voters hated it. He indicated that the voter call-ins indicated a 99 to 1 opposition to the bill as it was discussed yesterday.
But if the voters so desperately hated the bill, why did the market drop 777 points today? It was at that point that Cheryl Casone caught on that Wall Street is Main Street. The proposed bill isn’t a proposal to bailout Wall Street. It’s a bailout of ourselves.
Investors lost a trillion dollars today. That’s a bit more than the proposed bailout amount.
Over the past few weeks we have watched the market remain fairly calm as a number of events were unfolding. As one bank after another crashed, the market didn’t plummet. So, the general thought from people like Neil Cavuto was that it was all scare tactics. If the bill didn’t go through, the sky certainly wouldn’t fall. Maybe it didn’t fall. But people sure are ducking today to avoid bumping their heads.
What do I know? Ugh!