Now we have a full scale panic on our hands.
LOL!
This is a simple crisis today, Europe is melting down. All the real players have switched from fake cooperation to financial protectionism. Germany flipped yesterday. What will happen next is Europe will have an emergency meeting and agree to some new and improved fake cooperation. Won't work of course.
I disagree. Nearly 80% of the incoming calls and emails from the constituents of both parties were against the bailout, a signal that the general public has lost its last shred of trust in both the US government and Wall Street.
The decision to pass the bailout has caused a stampede among Joe and Mary Shareholder, for everyone with even a limited education in economics understands it will; A) drive inflation (which affects every consumer); B) lower the value of the dollar (which affects every consumer); and C) reward the bad guys, and shows that no matter how badly you run your company, the government will bail you out (which angers every consumer).
Confidence in the market and the government is down, as it should be. Both parties have tried to paint themselves as The Guys Who Will Fix All Your Problems... and the unintended consequence of that platform is that when you fail, you fail across the board.
You're kidding, right? Stocks rose when it failed to pass, and dropped when it passed. The market didn't want this bailout at all. The bailout was a hand-out to politically correct organizations who handed out loans to underqualified people, to help their bottom lines look less horrible, despite the fact that they used PC nonsense rather than actuarial tables to make their decisions. Golden Parachutes for the Left, and nothing more... although our beloved Congresspersons needed another $200 billion in pork to get convinced to sign on.
Now we have a full scale panic on our hands.
Wait 48 hours, and tell me there's still a panic. Sheesh. Is your sky falling yet?