-Houston Chronicle
The bailout legislation defeated in the U.S. House Monday was better than any proposal that had come before, deserved to be passed and would have been better than passing no legislation.
Investors, evidently, agreed, causing the stock market to experience its biggest one-day loss. The market plunged 777 points, exceeding the 684-point fall on the first trading day after Sept. 11, 2001.
Most House Republicans and many Democrats voted against the bill, no doubt reacting to calls and letters from constituents who resent having their tax dollars spent to bail out the greedy denizens of Wall Street. But the financial crisis is not limited to Wall Street and its investment banking firms. The failure of Washington Mutual and the forced sale of Wachovia bank to Citigroup are but two more of the crisis' many victims.
The crisis has now spread around the world as foreign stock exchanges plunge and some European banks follow their troubled U.S. counterparts and require government intervention.
The proposed $700 billion bailout fund was not aimed at rescuing rich bankers. It is needed to unfreeze sources of credit — for businesses, homebuyers and consumers.
Posts
1 comment:
the bail out is the new old britney
everybody's fucking talking
Post a Comment