The stock market rallied more than 300 points today that is until Congress came to the rescue with its $700 billion bailout bill (plus pork) at which point the Dow plummeted to -157.
Congress has sold us a bill of goods.
The goverment overpaying for things is nothing new, but if only they’d let the banks fail (like they deserved) the market could have bought them up on the cheap and recovered on its own.
Instead the national deficit has now ballooned so much ($10 trillion) that the national debt clock in New York City has run out of room (and we’ve run out of time). Now even states like California are asking for bailouts, and last time I checked we already own them!
By the way anyone remember the energy crisis?
Imagine what we could’ve done with this money:
- nuclear power projects, which were planned but now running in the red
- creation of fuel cell stations (the #1 reason for the slow roll out of fuel cell cars)
- tax credits for people to buy said cars
Oh well, we’ll just put that off like the deficit.