Do you remember last week, when the U.S. House of Representatives failed to pass the $700 billion bailout and the Dow Jones dropped 777 points?
A whole lot of people, including President Bush, Treasury Secretary Paulson, Speaker of the House Nancy Pelosi, and Senate Majority Leader Harry Reid told us we needed a bailout bill and we needed it as soon as possible. They said if the bailout bill did not pass, we would be facing a certain financial downfall in our country.
The Senate added the contents from another bill, to make it more appealing for some members, and they passed the bill by an overwhelming margin on Wednesday. Fast-forward to Friday, when the U.S. House passed the revised measure and we were reassured by President Bush, Treasury Secretary Paulson, Speaker of the House Nancy Pelosi, and Senate Majority Leader Harry Reid and others who told us they had done the right thing. Some didn’t like it, but it was the right thing to do for our country.
Yesterday, the market plunged 351 points, and I wrote about it, asking, “Were they wrong”? Obviously they were. The markets just closed today, and the Dow Jones dropped another 508 points today, bringing the two day total to 859 points.
I thought the bailout was supposed to prevent this from happening? The President, the Senate leaders, and the House leaders all promised that this bailout would prevent the market from falling any further. They promised, if the bailout passed, that retirees would not lose any more from their 401k’s. In the last two days, over $1 trillion in investments were lost. Add that to the $1 trillion lost last week, and we’re talking a helluva lot of money.
I’m beginning to feel like the guy who drove off the lot with a lemon. What recourse do we, the taxpayers have? At this point, none. It appears our elected leaders have screwed us over once again. So, again, I ask, were they wrong?