Dow………n.

CHART: Dow Jones Industrial Average Drops 600 4%

Apparently the market didn’t appreciate it when the House, with 70% of Republicans and 40% of Democrats opposed, rejected the $700 billion Wall Street bailout bill.

Wheeeeeeeeee!

4 Comments

  1. Andrea

    Yes but the 25 mm bailout to GM and Ford went through. Whew, thank god for that one!

  2. Chris

    Think I can get the gov’t to bail me out of my car repair bills?

  3. Jordan

    Hm, unfortunately the market moves when these big ‘institutions’ decide they do. I’m sure they’re getting rid of whatever good stocks they can to raise capital. It doesn’t help that the scaremongering media continues to turn this into a sensationalist drama. How many people knew the economy was in dire straits until they told us it was? People who don’t know any better will try and take their money of banks and sell their stocks now because they’re scared shitless when all that will do is contribute to further drops in the market.

    I also like this quote that his been making the rounds:

    “It’s not based on any particular data point,” a Treasury spokeswoman told Forbes.com Tuesday. “We just wanted to choose a really large number.” – http://tinyurl.com/3fc92x

    I happen to agree with this guy – http://tinyurl.com/3qm7wf
    His ideas seems practical and optimistic rather than the drama queen ones of other journalists. I especially like that he’s one of the few people to bring up the involvement of the FBI, which I think will give us quite a few details of how this all went down in their inner sanctums of Wall Street.

    Then again, is it ever illegal to be too greedy in the US?

  4. Maybe we should take a look at sharia finance:

    http://www.indonesiamatters.com/2529/financial-crisis/

    Or have these magazines put their money where their mouths are:

    http://gawker.com/5050946/how-magazines-led-investors-toward-ruin