After a record point drop on Erev Yom Tov, the Dow closed 485 points up on Tuesday amid hope that Congress will regroup and pass a bill this week.
On Wednesday (day 2 of Rosh Hashanah), the financial markets saw some relative calm as investors uneasily awaited a Senate vote on the banking bailout plan, with Wall Street falling only moderately and the credit markets still showing signs of strain. The Dow Jones industrials zigzagged during the session, losing more than 200 points in early trading but closing down about 20.
Many investors were reluctant to make any major moves before the vote expected Wednesday night on a revised version of the plan defeated earlier this week by the House. The new proposal includes tax breaks for businesses and the middle class and increases deposit insurance.
The S&P500 Index retreated 5.3 points, or 0.5 percent, to 1,161.06, extending its biggest monthly drop in six years. The Dow Jones Industrial Average slipped 19.59 to 10,831.07. The Nasdaq Composite Index fell 22.48, or 1.1 percent, to 2,069.4.
(Bloomberg.com / Yahoo)
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One Response
We are living in an age of NO PERSONAL RESPONSIBILITY.
This isn’t about punishing Wall Street and the Banks. This isn’t about making sure some fat cat guy doesn’t get his 20 million severance check. This is about policy. You don’t bailout businesses that have been for 20 years making bad decisions. Let them fail. Let them go out of businesses. Better business and companies will come and things will get better.
What message does this send to these companies who FULLY UNDERSTOOD WHAT THEY WERE DOING FOR TWENTY YEARS? Are we saying, take advantage of the system, put all our money and our economic health at risk, it’s ok, if things get really bad the government will spent 800,000,000,000 billion dollars to bail you out? Let’s not forget that the government has ALREADY SPENT 280 BILLION on Fannie Mae, Freddie Mac and AIG. So in the end this will be over ONE TRILLION DOLLARS.
What message does this sent to the Auto Industry? The Farming Industry? The Airline Industry? Why do we keep bailing out these people? Are we saying, be a bad company, make risky decisions, gamble our money away and there will never be consequences?
Make sure to call your local representative and BEG THEM TO VOTE NO!!!
http://www.usa.gov/Contact/Elected.shtml