Wall Street crashed today. Dow down 777 points. It was in point terms the Dow’s biggest single-day drop ever. The U.S. House,
where members must run for re-election right now until November 4 (voting is underway in several states and members were supposed to adjourn today to begin non-stop campaigning), is panicked about constituents who don’t understand the rescue (mis-sold as a “bail-out”) package will help them, not rich stockbrokers or bankers. Afraid of losing their jobs, the politicians have panicked. Looking at gutless Democrats (95) and Republicans (113) who won’t vote in the national interest, Wall Street panicked.
In the 19th century, financial crises
were called “panics” because when “people believe that the bank will be unable to pay, they will all attempt to withdraw their money. This in itself will ensure that the bank cannot pay, and it will go bankrupt.” We’re back to a classic panic in 2008, and ordinary people will suffer as they did in 1893 and before. On my FOX INDEX, we are now a gigantic -2,345 points away from good health (12,000 Dow, 1,300 S&P, 2,500 NASDAQ). Going backwards. Headed down.
We need at least one bipartisan leader who can bring our pigmy politicians together.
In the 19th century, financial crises were called “panics” because when “people believe that the bank will be unable to pay, they will all attempt to withdraw their money. This in itself will ensure that the bank cannot pay, and it will go bankrupt.” We’re back to a classic panic in 2008, and ordinary people will suffer as they did in 1893 and before. On my FOX INDEX, we are now a gigantic -2,345 points away from good health (12,000 Dow, 1,300 S&P, 2,500 NASDAQ). Going backwards. Headed down.
No comments:
Post a Comment