No Bailout for Wall Street
Not that I pay much attention to the stock market, but the news all last week was about how dire the economy is, with a huge bailout requested by President Bush for Wall Street.
The housing market has been in trouble for almost a year now and now insurance companies and banks are in trouble.
The talking heads on the news channels have been declaring this an economic emergency and insisting that Congress needs to take taxpayer money to bail out Wall Street. Well, I don’t think that is the best solution to this situation and it is nothing more than the consequences of Bush’s faulty and failed economic policies these past 8 years. To come from an economic surplus that was left by the Clinton administration to the dire situation we are in now is more than just egg on the face of the President.
Sure enough the expected vote in Congress did not happen today. The bailout was voted down in the House of Representatives. And the Dow closed down almost 800 points today. Should not have been a surprise to these people.