September 30, 2008
Oh the humanity! - UPDATED
All we heard last night was about sure Armageddon that approached after the boondoggle bailout crap sandwich bill failed. The indicator was a Dow Jones Industrial average that fell by 770 points, the largest point drop in history (but not even close to being the largest percentage drop).
How will the media spin today? The Dow is up 374 points as of this writing with an hour and a half left of trading. Well they are already spinning it. "It's rising on optimism that an agreement will be reached." We were told two weeks ago that the end was near. And each day passes and most people go to work and go home as the day before.
Let me tell you something. The government already stepped in and intervened on Fannie and Freddie acquiring trillions of dollars in mortgages in the process. This $700 Billion bailout is a drop in the bucket compared to that.
Already some alternatives are being floated that are much more attractive to this bailout plan. Keep the pressure on the legislators. Don't let them get away with the giveaway. I don't want to see Paulson's face anymore. He needs to go.
UPDATE (4:08 PM): the DJIA closed up 485.21 points (4.68%).
Posted by Henry Louis Gomez at September 30, 2008 02:57 PM
Comments
AS of 3:25 pm: Dow up 421.18
Posted by: Val Prieto ![[TypeKey Profile Page]](http://www.babalublog.com/nav-commenters.gif)
at September 30, 2008 03:27 PM
Oh how the mighty have fallen!
Let's do a quick review. Greedy loan executives who came up with insanely leveraged loan programs they knew would default sooner or later. Greedy corporate executives all across Wall Street who took the unsuspecting public to the cleaners day in and day out and made BILLIONS. Greedy brokers who convinced uneducated investors to over trade and made BILLIONS in trading commissions. Shameless market makers who run up (and down) the price of stocks in order to trigger stop orders to flood the market with liquidity so they can exit their hugely profitable positions and fleece the public. Executives who manipulate and release news items to the public only after they have secured their positions in the market.
I do feel sympathy for the average employees, secretaries, janitors, admin assistants and such that worked at these companies but for the decision makers...
They had their run, and their greed destroyed them. I have no sympathy for Wall Street. They knew EXACTLY what they were doing.
Posted by: Eric Darby at September 30, 2008 03:32 PM
Like 'dem apples?
Posted by: readytoshoot at September 30, 2008 03:40 PM
I hate to admit it but I'm not really sure what the heck is going on. I majored in English not economics. And I played string base and guitar and took music theory classes in college. Pretty ordinary I think. I really don't trust what the politicians are saying, they are just trying to keep their sleazy jobs. My question is, how will this affect Cuba? I'm thinking cagastro, Inc. and his non existant credit rating will have to sell more Cuban slave labor to get cash. What little money is trickling into Cuba from US-side relatives may soon diminish even more.
Posted by: kenko at September 30, 2008 04:20 PM
I'm not so sure the gains have to do with rising optimism that an agreement will be reached, it's just that Wall St. turned into Filene's bargain basement overnight.
Posted by: Lazaro at September 30, 2008 06:08 PM
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