On this fateful day, September 29, 2008, the financial rescue bill has failed, and the stock market day is ending with -777.88 points lost - the biggest drop in one day's Wall Street trading in history. More than $1 trillion were lost in one day. Since the next two days are Jewish holidays, congress won't meet again until Thursday. There is no telling how far down panic will drive the stock market by then. Clearly neither President Bush nor Republican presidential candidate John McCain had a positive effect on reluctant Republican congressmen in passing the bailout bill. About one third of Democrats in the House also voted against it. The American people were not convinced the $700 billion bailout is the way to go.
I listened to an interview with Donald Trump a few minutes ago, and he was almost gleeful. He said now the price of oil will plunge - possibly back down to a possible $25 a barrel. He says it is not the failure of sub prime mortgages, it is the high price of oil that is behind this whole mess. The drop in the market is not just because of greedy investors in sub-prime mortgages, it is basically the result of sky high oil prices raising the costs of everything, leaving less household money for house payments and cost of living. Trump blames the downturn on OPEC and the Saudi Arabians.
Osana bin Ladin is the Saudi Arabian who led the terrorists who were mostly Saudis, and were responsible for bringing down the World Trade Buildings. Now the Saudis have struck us again, only this time they are bringing down the American stock market instead of buildings. It took them several years to do it, but it looks as if those high oil prices are finally bringing us to our knees. The Saudis are the most effective terrorists, not the Afghanis or Iraqis. This time they have hurt the whole American population by hitting us in our pocket books.
As they say, we are in uncharted territory, and it's hard to tell what is going to happen next, but it doesn't look good.
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Comments: 14
He should use some of his money to buy some paper.
I was not unhappy about the vote today, even though I am sure it cost me some money. What I liked about it was that the rejection was bipartisan, and in defiance of both the White House and the powers-that-be in Congress and on Wall Street.
Although some Republicans tried to spin it to blame Pelosi, claiming her speech changed a bunch of Republican votes at the last minute, I found that laughable. As Barney Frank said, "They changed their votes because Pelosi's speech hurt their feelings?" What a laugh!
They voted against it because they were feeling the heat from their constituents who are about 90% opposed to the bailout. Same for the Dems who opposed it. There is a lot of anger about this in the American public, and even though they have a notoriously short memory, the election is only six weeks away. Some people are worried about their jobs in Congress too. That's a healthy sign, I think.
For a change, the two-party system and rigid party discipline has collapsed, and Congressmen are actually voting according to the wishes of their constituents. What a welcome change!