House tells Paulson "No blank check for you"


House Speaker unintentionally destroys any chance for a bailout before the election.
Up until Speaker Pelosi's speech, I thought that the bailout was going to pass.

I'm grinning.

We got through that one.

She couldn't stop the Bush bashing even to push the much vaunted bailout plan. Proving once again that a politico's worst enemy is herself. Especially a Democrat politico.

But there are a couple a quick points.

The bailout didn't fail because the House took a stand. The bailout failed because Pelosi angered enough Representatives, including those in her own Party. The attitude that brought this mess is still there. If it weren't for the politics, the bailout could have passed. No one, not even the House Republicans, is willing to let the free market fix itself.

Thus the centralized states stumbles ever closer to it's own demise.

Second, that 777 point drop. It's the biggest going by points, sure, but the Dow average is still very high which means it's not the highest in absolute terms. By my math, that 777 points equals about a 7% drop, which most of the press isn't telling you. The other thing they aren't telling you is that single day fluctuations don't always mean trends. Talk to me on Friday business close and we'll get an idea of the impact. Even that is stock price, not company performance. The two are not the same.

Finally, we're not over this quite yet. The Fed is still pumping money into the economy. Some companies have already gotten their bailout. That will still make things worse.

KYFHO now and forever. It's the only way I know to deal with a power hungry government.

— NeoWayland

Posted: Mon - September 29, 2008 at 04:10 PM  Tag


 ◊  ◊   ◊  ◊ 

Random selections from NeoWayland's library


Pagan Vigil "Because LIBERTY demands more than just black or white"
© 2005 - 2009 All Rights Reserved