Were They Wrong?

Last week, the sky was falling. Congress had to hurry and send any bailout bill to the President’s desk for his signature. Remember. It was mission critical. Without the bailout bill, the economy (ours and the entire world economy) could come crashing down at any moment.

On Friday, enough members of the House of Representatives capitulated and the bailout bill passed. So everything is okay now, right? We’re good to go, yes?

Here are some of the pertinent ‘breaking news’ items I have received from BreakingNewsOn in the past four hours:

AP: President’s top advisers say financial markets remain “extremely strained.”
about 4 hours ago

AP: President’s top economic advisers pledge to work globally on financial crisis.
about 4 hours ago

BRAZIL STOCKS PLUNGE MORE THAN 10 PERCENT; US MARKETS OPEN. DETAILS SOON.
about 3 hours ago

DOW JONES FALLS NEARLY 300 POINTS IN FIRST MINUTE OF TRADING. DETAILS SOON.
about 3 hours ago

AP: Official: Treasury assistant secretary to be tapped as interim head of $700 billion rescue.
about 3 hours ago

DOW JONES INDUSTRIALS INDEX FALLS BELOW 10,000 POINTS AS GLOBAL FINANCIAL CRISIS WORSENS DESPITE $700 BILLION BAILOUT. DETAILS SOON.
about 2 hours ago

The Dow Jones has fallen 340 points, putting the index below the 10,000 mark for the first time since 2004; Nasdaq composite plunges 4%.
about 2 hours ago

The Dow Jones Industrials has fallen 360 points as the Federal Reserve announces $150 billion in 85-day credit through auction facilities.
about 2 hours ago

DOW JONES INDUSTRIALS FALLS MORE THAN 400 POINTS. DETAILS SOON.
about 2 hours ago

Europe’s Stoxx 600 falls more than 7%, its biggest drop since 1987, Bloomberg TV reports.
about 2 hours ago

DOW JONES INDUSTRIALS FALLS MORE THAN 500 POINTS. DETAILS SOON.
about 2 hours ago

The Dow Jones Industrials has fallen more than 570 points in another dramatic day on Wall Street; index now below 9,800 total.
about 2 hours ago

AP: EU presidency says all 27 members pledge “necessary measures” to ensure financial stability.
about 2 hours ago

BRAZILIAN SHARES PLUNGE MORE THAN 15 PERCENT. DETAILS SOON.
about 2 hours ago

As the financial crisis worsens across the world, the Toronto stock market (TSX) has tumbled more than 1,060 points (about 10%).
about 1 hour ago

Argentina’s Merval stocks plummet about 10.83% to 1.348,77 points; Dow Jones now down 460+ points.
about 1 hour ago

AP: The Icelandic government says it will guarantee all domestic savings deposits.
about 1 hour ago

AP: France’s CAC-40 share index down more than 8 percentage points near end of trading.
about 1 hour ago

AP: President Bush says “it’s going to take awhile” for the financial rescue plan to work.
29 minutes ago

What? On Friday we were told that a vote for the bailout bill would prevent this very thing from happening? What does he mean “it’s going to take a while?” What does that mean? Does that mean the market is still going to crash? Does that mean that even with the bailout bill nothing is going to change? Wow. Then, after following all of the news today, I read the following article from James Doran in The Observer.

Fears are mounting that many Wall Street banks and financial firms will refuse to participate in the US government’s $700bn bail-out package, leaving global markets and world economies in a perilous state for months to come.

‘There is a growing feeling that banks … might instead decide to tough it out,’ said Thomas Caldwell, chairman and CEO of Caldwell Financial, a $1bn-plus fund manager.

Now the banks are going to tough it out? You mean they didn’t ‘need’ the bailout? Wow. I thought our Senators and Representatives spent the past week telling us how bad the banks needed this to help “main street” America.

Were they wrong?