FROM CNN's Jack Cafferty:
Wall Street was looking for something yesterday. As the vote on the bailout package approached, the stock market was hinting that it wanted the package passed. In fact, as the votes were being tallied, the Dow Jones Industrials recovered a large part of a 600 point loss on the hope that the deal was actually going to happen. But when it became clear the bill was going to fail, the Dow registered its biggest drop ever– 777 points.
I don't pretend to know whether or not a $700 billion bailout package is the answer to what ails our economy. But yesterday for a little while, the markets were hopeful.
And that was good for middle-class Americans. They have stood by and watched their 401(k)s hemorrhage for months. They were also told all weekend by their elected leaders that a rescue plan was on the way. Their elected leaders lied. Again. In the end, politics trumped everything else. Nancy Pelosi gave a speech and that angered some house republicans, and bingo, the whole project went right down the toilet.
Now it's the Jewish holidays and nothing will happen for a couple more days. And once again, the middle class will take it in the shorts because some Washington moron wanted to make a point. They make me tired.
Here’s my question to you: What should be next for the bailout plan?
Interested to know which ones made it on air?
Nothing. I'm hedged with puts against the Dow, S&P 500, and Nasdaq. "I'm from the government and I'm here to help you." Has it ever worked before?
The news all says “Don’t approve the bailout”. The House says “Don’t approve the bailout”. Facebook groups all say “Don’t bail out billionaires”. People are ridiculous. Does nobody understand that if we don’t bail out the stock market, the bottom will fall out of our banking and monetary system and we will all be in a depression? Does nobody understand how the market and economy works?
Seriously, Jack, I think it is time to bailout on this bailout plan. Everyone in Washington is trying to push the people into something we don't want to do. I think that we should just let them fall on their faces, so they can see what it is like to be in the lower or middle class like the rest of us!
Diane from Florida writes:
Next? Flush it down the White House toilet along with the Patriot Act, FISA, Military Commissions Act and the "war" on terror. Toss in the Federal Reserve and we get our country back!
The next step is this: Scrap the deal and give each American citizen $1 million. It's not only cheaper and more effective, it will become very obvious who the illegal aliens are– the ones without a new Mercerdes in the driveway.
Credit is what got us in this mess and more credit won't get us out. As a nation we have to stop living beyond our means, spending more than we earn, and worshipping our "stuff." No bailout.
If one lost their thumb, fore-finger, ring finger and little finger, they would be positioned to salute Congress.