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Bailout = Really, Really Not Working

By fitsnews • on October 9, 2008

The Dow Jones plummeted another 675 points today, bringing its post-government bailout total to whopping 1,898-point loss. And guess what?

The worst is still yet to come as lending remains tight, new automotive losses loom on the horizon and investor volatility is at is highest level ever recorded.

Remember, it’s only been six days since the U.S. government’s most ginormous and ill-advised foray into running a command economy … to the tune of over $700 billion, in case you forgot.

Needless to say, this isn’t exactly the one-week “rescue” anniversary Washington politicians were looking for, but as we’ve said all along this is what happens when you send government to clean up government’s mess.

Speaking of anniversaries, a year ago today the Dow was at 14,164 - its all-time high. Today the market closed at 8,579 - the first time since 2003 that it’s been under 8,700 points.

Oh, and in case you missed it yesterday, now even the architects of the biggest federal boondoggle ever are admitting that it isn’t going to work.

Sheesh …

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Comments

By hmmmm on October 9th, 2008 at 7:15 pm

If anyone thought it would work in 6 days, they have lost their minds. Everyone predicted the market would slump again until the infusion seeps into the economy. Instead of bashing, wait it out.

By fitsnews on October 9th, 2008 at 7:30 pm

“Hmmmm,”

First of all it’s not going to work … in 6 days or 600 days, and when the market ultimately does recover it will be because capitalism was once again (somehow) able to shake the yoke of government oppression.

Second of all, if we have to betray the free market to save it, what’s the point? If we have to shred the constitution and add a couple billion to our annual interest payments on the debt, again, what’s the point?

Government got us into this crap, more government will only worsen things, and so we will continue to bash it as we see fit.

-FITSNews

By rick on October 9th, 2008 at 8:54 pm

Amen Fits, until the controls that were removed are re-established and the Government elimenates the requirements for approving credit to those not credit worthy, nobody will trust the market and money will be hoarded rather than lent.

By James on October 10th, 2008 at 9:51 am

Anyone hear Joe Wilson getting creamed on AM 560 yesterday?

SEND THE TURNCOAT INTO RETIREMENT PEOPLE!

He and Lindsay are worse than the democrats because at least the democrats don’t hide their socialists agenda - f-ing hypocrites.

Let’s make this as clear as we can: both Joe and Lindsey voted for the bailout yet offered NO amendment to repeal the very Act (Community Reinvestment Act) that created the mess. Which means once the banks get their hands on your grandchildren’s money in the coming months they will go right back to their affirmative action lending program and lend anew to folks that can’t keep their car from being repossessed.

I’ve paid my mortgage on time the last two years, so all I want Joe and Lindsey to answer is where do I go to have my loan principal and interest payments reduced?

Strom would have bitch-slapped both these girlie-men.