As you know, on Monday, when the House initially rejected the $700 billion bailout, the stock market tanked 777 points. We were told that Congress had to act to “save” the economy.
With the economy on the brink of meltdown and elections looming, a reluctant Congress abruptly reversed course and approved a historic $700 billion government bailout of the battered financial industry on Friday. President Bush swiftly signed it.
Then what happened? The market dropped 157 points for the day. Oh yeah, I should tell you, the market was up almost 300 points when the House vote took place. So, in essence, the market dropped more than 450 points on the news that a bailout deal had been voted on and was to be signed into law.
Great job. We’re paying a high price for socialism, aren’t we? (And I’m not talking about the $700 billion).