$700 Billion Bailout Busts…
Tuesday, 30. September 2008
While like many Americans, I was stunned about today’s massive 777+ point drop in the Dow Jones, but I can’t help but think that it would have happened anyway, even if the big $700 billion-dollar bailout had passed the House today.
Why? Well, if you were watching, the stock was down by more than 230 points before they started voting! Maybe if they passed it the Dow would have dropped less, but it still would have dropped. After the failure of the House to pass the bill, the Federal Reserve started dumping money into the market, and even this didn’t slow the plummeting Dow.
