October 03, 2008
|Buy The Rumor, Sell The News||Economy|
The House passed the bailout bill, after which the Dow dropped almost 300 points in 20 minutes.
Update: The Dow finished the day down 157.47. That's a drop of 486 points from its peak shortly before the bill passed. A vote of no confidence from the market.
The two votes make me think of Wall Street as being like one of thsoe super-bad-guy extortionists on TV shows like 24. "Give me everything I want or I'll kill all your children!" On Monday, Congress was brave and said "No!" So Wall Street killed half of the children. Then Congress says "Okay! Okay! I'll give you what you want!" And when they do, Wall Street kills the rest of the children.
Bush, Paulson and Wall Street just extorted $700 billion from the American people. Probably the greatest single act of theft in history.
Posted by: Bob at October 3, 2008 07:16 PM