Yesterday the doomsayers (aka the doom and gloom leftist liberal media) were all screaming how the world was ending, that we were in a financial melt down, the start of a Depression yadda, yadda yadda. All because the silent majority got on the phone, on their fax machines etc, etc,and told Washington NO on the Bailout. The Wallstreeters panicked and the market dropped 778 points, something around 7 percent. The doom and gloomers were all saying that today (Tuesday it would drop another 1000 points.
Well the sun came up in the East (as it always does), and gosh smart money looking at the basics of the American economy decided no, the sky wasn't falling, the free Market was just doing its thing---and voila, today the market went up big time. Further, consumer confidence index for Sept went up from the month before, The dollar grew stronger against the Euro. It also was noticed that the failure of Washington Mutual bank, resulted in JP Morgan buying it up, and the bank didn't even close, but just kept doing business, nobody lost any money---and that was the biggest bank failure in the history of the United States----also financial guru's are starting to say there is plenty of available money around (note JP Morgan having just bought up Washington mutual had no problem raising 10 billion dollars -----the FDIC has about 250 billion dollars to back up bank failures, and as such can handle 4-5 big bank failures a week for a long time (all accounts are insured up to $100,000)----so maybe just maybe we don't need to panic and run up a trillion dollars of debt payable by the taxpayers-----??-----MAYBE, we should just let the market finish correcting and let congress pass whatever legislation that needs to bed past to prevent the greedy distortions from happening again. No golden parachutes for those banks that fail, maybe some legislation to assist home owners keep their homes due to layoffs or major illness (no bailout for those that just flat speculated on ever increasing housing prices and got caught being greedy) Let applaud the silent majority that kept our congress from totally panicking to the leftist media's attempt at creating a crisis that really isn't as bad as they would have us believe. No BAILOUT of those greedy firms, not with taxpayers money anyway.