Off The Cuff

Crisis: Bailout Rejected By House, Stocks Plunge Over 700

Posted by: From Arkansas in Business news, Political News on Sep 29 2008

Welcome back!

From one crisis to the other, we ride the up and down of the day. First thing this morning, I receive a breaking news that there was a massive earthquake in New Zealand with a 7.3 on the Richter scale. In fact, there has been more activity of that type than that all over the world. Having looked up the activity for just today, I am amazed that we are not all being shaken off the planet as we sit here. However, on to another crisis of another type.

Partisan griping and backbiting was clearly happening after a vote rejected the bailout bill. Dems accused Repubs of not keeping their side of the bargain. Repubs did the same. The truth is in the middle when you find out that most of the house denied the bill it’s passage. They BOTH reneged on the deal. And what happened after that can be blamed on all those who played their little partisan politics on a BIpartisan bill. The Dow slid on a slippery slide down well over 700 points. Wall Street is bleeding out.

Of course, everyone is blaming everyone else. Repubs turned on House Speaker Pelosi who had just gotten done giving a speech about how stupidly the President had been handling the economy. Well, it seems to me that the House has done a fine job of trashing what would have been a huge bailout. Some in congress believe that if a company acts stupidly, they should pay the price by going under. While I agree with that in theory, in practice, it will bring down the country’s economy if too many companies go under at the same time. One company with a large number of employees has a problem if they go under and the employees go home with nothing in their pockets. However, ten companies all going down at once is a crisis! And it could cost the country way more than we, the people, are willing to pay. And trust me, WE WILL PAY.

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