Ok, so the market is doing the unexpected thing: the day after the bailout/rescue was passed by the Senate, the DOW is tanking… hard. It closed 360 points down
Well, there are a few things going on…
1. The Unemployment Report is coming out tomorrow and it is not expected to be very pretty. The highest unemployment since just after 9/11 is predicted and that has the market freakin out.
2. GE, a standard bearer for the market and a blue chip stock, had some issues, is being propped up by non other than Warren Buffet, but dropped 10% of its value anyway… bringin the rest of the market down.
3. Wall St is freaked out on whether or not the bailout/rescue will pass the house (not to mention that it is not that great a bill, and much of the bailout money is going to be used to bailout foreign banks, and is now a bloated behemouth that has earmarks and tax breaks galore)
4. Harry Reid, the moron, talked about an unnamed Insurance company on the verge of collapse and caused a run on insurance stocks, bringing down the market as a whole too… CLICK HERE
5. And on top of all this, now the Democrats in the House are proposing to add a $60 BILLION “economic stimulus” package to the back of it… as if that won’t throw a friggin monkey wrench into the whole deal and hold up passage.
It’s like they are putting pickles on a crap sandwich!
So, what Congress was given was a very simple proposal to buy up 5% of the tenuous mortgage backed securities to relieve the asset strain on the banks and, hopefully, allowing those banks to loosen up on credit availability.
Now, it is a gargantuan hodgepodge of a bill with a bailout bill, an energy bill, a tax reform bill and an economic stimulus bill all rolled into friggin one.
You have got to be friggin kidding me!
Please… Vote Every Single One Of These Idiots Out!
As I said before… every single day I buy into the whole McCain/Palin reform Washington schtick.