At the final seconds of the house vote, as it became clear that the bailout was going to pass, the Dow was up around 250 points. It closed today down 157, about a 400 point swing.
Within minutes after coverage of the vote concluded, CNN had some amorphous female explaining that the bailout wasn’t going to save this country, but was necessary to keep the recession at “very bad” rather than “very, very bad.” “And of course, this is just the beginning,” she said with a sincere look on her 30ish looking face. “It’s going to cost us a lot more. A LOT more.”
So are all the people who argued with the utmost sincerity that this was the solution, that this had to be done, that this would stave off the crisis, happy now? You got what you wanted. And the rest of us got punked.
Why did the Dow fall 400 points? Was it just the old Wall Street maxim, buy the rumor, sell the news? Or is it “what have you done for us lately?” They got their bailout, and now they’re on to their next demand. The junkies will always need another fix. That’s just how junkies are.
Our economy is in the toilet, of this there is no doubt. Did you really think they would be happy with $700 billion? Did you really think this would stop once they knew that we would blink? This isn’t economics. This is psychology.
And which of our presidential candidates knows what to do to fix it? That’s right, neither one has a clue. Whaddaya think, Champ? I dunno, Joe. It’s all so cute, like there are real people inside.
Much as I try, I can’t remember all the Wall Street pundits talking about how this $700 billion was just the beginning, barely an appetizer to the huge 7 course dinner ahead. I can’t remember them saying that this infusion wasn’t going to actually do anything. I seem to recall people talking about how we had to do this to avert the crisis.
Avert the crisis? Apparently, this wasn’t to avert the crisis. This was a test to see how gullible we were, how easily our government and people could be manipulated and played. How just a little fear, coupled with vague hints of impending disaster, would make the toughest people shake, the smartest people spout drivel. And we passed the test! We proved that we can be as dumb and scared as any society on the planet. We can be cowed by the merest hint of crisis. America, the land of dumb and afraid.
To borrow from good old H.L. Mencken, we’re got what we deserved, good and hard. Are you happy now?
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Wow. A rare non-morning post from Scott Greenfield. I’ll always remember where I was when I first saw it.
And no. I’m not happy now.
I thought it was land of the sheep, home of the deceived. It’s OK to praise the Lords of Big Money…Hellelujah – we’re SAVED!
October 5,2008
Some of the following contains excerpts from Stephen Neitzke and Andrew Leonard. When will people make the leaders of Our Country accountable? We need people with resources, energy and knowledge to enforce the Constitution.
THE BAIL OUT PLAN originally had 110 pages, no Henry Paulson’s plan was three pages, the second bill has 451 pages. All kinds of pork, tax cuts and credits. It’s a combo of bailout-energy package. There are hand outs by the score. Yup, folks, just let corporate media twist your thinking. This bailout is a scam on the American people, isn’t needed any more than a fish needs a bicycle. Can you honestly answer and believe, the Senators and Representatives know and understand 451 pages of spending documents in two days? According to Article 1, Section 7, Paragraph 1, U.S. Constitution, All bills for raising revenue shall originate in the House of Representatives, but the Senate may propose or concur with Amendments as on other Bills. Stated. Bear in mind the bailout originated in the Senate. This means all Senators (75) who voted for the 700 billion dollar bailout are Constitutional Criminals, hello, this includes, Obama, Biden and McCain.
Yes, we are dumb, afraid and the government we deserve,
It’s an ugly situation, all right. Get ready for even more inflation.
Oh, and in response to HBrown, the Senate didn’t originate H.R. 1424 n/k/a “That Gawdawful-bill-what-were-they-thinking-did-they-really-think-it-would-rescue-anything-but-Ibankers.” Seems the Senate, after realizing they they couldn’t create this particular bill, slapped the whole thing as an amendment to a previously passed bill, all Constitutional-like.
Allen; Thanks for the response, makes some of my post inaccurate. Sorry for any unintentional errors folks. Google H.R. 1424 for more facts. I am still mad. Good job Allen.
Dow 10,000 (Market Close Update)
It felt better the last time this was big news.