September 29, 2008

Bailout Fails- Partisan Politics While Rome is Burning

I think that my head is about to explode. A few minutes of reading about how bad the economy is and how both parties are blaming each other and my head will look it was hit with an axe.

It is absolutely mind boggling to read anything other than we are all working together to fix the economy and to restore confidence. I don't want to hear another ^&Y%&$^&UY$ word from any of the jackasses in office that doesn't address how everyone is working together. Forgive me for being crude, you all need to shut the fuck up and work.

This is not the time to point fingers and engage in the blame game. I don't care who drove the car into the wall or sailed into the iceberg. That moment has come and gone and now we are stuck dealing with the aftermath.

I never considered myself to be a wealthy man, but I always figured that if I could hang on and keep adding a little bit to my portfolio eventually I'd be able to retire. Fortunately I am not interested in trying to do so anytime soon because at the moment my investments are not even worth mentioning.

NEW YORK (CNNMoney.com) -- Stocks skidded Monday afternoon, with the Dow's
nearly 778-point drop being the worst single-day point loss ever, after the House rejected the government's $700 billion bank bailout plan.

Stocks tumbled ahead of the vote and the selling accelerated on fears that Congress would not be able come up with a fix for nearly frozen credit markets. The frozen markets mean banks are hoarding cash, making it difficult for businesses and individuals to get much-needed loans.

According to preliminary tallies, the Dow Jones industrial average (
INDU)
lost 777.68, surpassing the 684.81 loss on Sept. 17, 2001 - the first trading day after the September 11 attacks. However the 7% decline does not rank among the top 10 percentage declines.

The Standard & Poor's 500 (SPX) index was down 8.7% and the Nasdaq composite (COMP) 9.1%.

"The stock market was definitely taken by surprise," said Drew Kanaly, chairman and CEO of Kanaly Trust Company, referring to the House vote. "If you watched the news stream over the weekend, it seemed like it was a done deal. But the money is being held hostage to the political process."


Crossposted here.

2 comments:

Diane Mandy said...

I was literally yelling at the TV when I heard the jibberish and finger pointing by politicians. My 401k has dropped by 20,000 this year alone. And I hate to think what's happening to my retired parents' investments.

Tzipporah said...

You should read this

And have you noticed how they're suddenly calling it the "rescue" plan instead of the "bailout" plan?