The bailout bill was passed Friday, and Monday the DJIA dropped 800 points. I guess it didn’t “inspire confidence in the markets.” Maybe it was just a phony “emergency” all along.
Interestingly enough, the second version of the bill supposedly included an option for the Treasury Secretary to accept stock in a company in exchange for taking its worthless securities. Some economists said this was the fairest option to keep the government from losing out; but, of course, having the federal government take over private banks was exactly what some people were most afraid of.
Strangely enough, my Republican congressman voted against the second version as well. Maybe he’s not so bad after all.