Here we are, one week since the “Great BailOut of 2008”. It’s been one week since some members of Congress stood up and said they thought the items in the bill were a bad idea but they were voting for it anyway. It’s been one week since others told us this was the best thing to do for our country.
Leading up to the bailout we were reassured that it would:
a) restore confidence in the credit industry
b) stabilize the market
c) save us from even greater financial ruin
In the past week, there has been anything but confidence in the credit industry, the market is far from stabile, and retirement plans have lost trillions of dollars. Let’s review the market activity of the past week.
How much do you know about Barack Obama? Do you feel you know all there is to know about him or are there questions left unanswered? Well, one of those unanswered questions has been answered. Barack Obama was a member of the Democratic Socialists of America.
Now, now, before you leave in a huff, take a look at the proof. The documentation in question is not posted on some “right-wing” conservative site, it’s sitting on the website for the Chicago Democratic Socialists of America website. It’s not hearsay, it’s not some sort of “swift-boat” attack. Barack Obama was a member of the Chicago New Party which was affiliation of the DSA. It’s the truth, and you need to hear it before you vote.
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).