Witnessing History

Can you recall the last time the Dow fell 777 points in a single day? Well, it never has, until today. This post will be brief. I am going to forget about the market and focus instead on the Ravens/Steelers game tonight (I am from Baltimore, but moved to Pittsburgh earlier this year) to try and take my mind off what happened in Congress today. In coming days we will likely see another bill come up for a vote, perhaps better, perhaps worse, than the current one. The Republicans will vote for it and hopefully we can make back much of today’s loss in relatively short order. Hopefully people will begin to realize that this kind of bill does far more than pad the wallets of Wall Street (heck, 40% of the big 5 firms have gone belly up already). The banks we all hold our money with are not Wall Street. Rather, they are the lifeblood of Main Street.

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One Thought on “Witnessing History

  1. Anonymous on September 29, 2008 at 8:44 PM said:

    This bill does do more than pad wall street wallets. It distorts the entire system with moral hazard and prompts every struggling industry to hit wall street for a bailout.

    All you are thinking of is the short-term future of your stocks. Consider the bigger picture for a change. Government intervention is NOT what made America great, it was the free market. What you are advocating is the destruction of the free market so your stocks can perk up.

    The banks will work their way through this, some may go bankrupt, but you have to let them go through the pain or suffer even more down the road.

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