They say that sometimes life hands you a crap sandwich and you just have to take a bite. That's the way the bailout bill was described by many....a crap sandwich. Though unpleasant, It was supposed to be an instant, psychological kick-in-the-pants for the world credit markets, immediately unclogging the cash flow and sending banking stocks soaring around the globe......well, not so much..... Wall Street nearly suffered a nervous breakdown yesterday as investors realized that the $700 billion Wall Street bailout plan won’t immediately save the economy and that the credit crisis was spreading to the rest of the world.
After gut-wrenching trading on European and Asian markets yesterday, the Dow Jones industrials plunged as much as 800 points, the largest one-day point fall in its history. A rally boosted stocks late in the day, but the Dow still finished down 369 points to 9,995, the first time since 2004 it closed below 10,000.
This is President Bush's ass-covering take, “We don’t want to rush into the situation and have the program not be effective.”
"We don't want to rush..."? Are you frickin' kidding me?
Bush, Paulson, Bernanke, Pelosi, Reid, Frank, Shumer, Obama, McCain, and their ass-kissing lackeys in the media, etc, told us, as they pointed a gun to our heads, that the sky would fall in a matter of hours if we didn't get behind and support their mugging of us. Well guess what? Theiving almost a trillion dollars from US taxpayers didn't do anything to quell panic around the world. Wall Street and the world markets behaved exactly as they would have if we had been allowed to keep our money.
You see, what the Asian and European markets know, is that the corruption is still here, and all the same criminals in US banking, mortgage, and politics who colluded to create this mess in the first place are still running the show. And we just handed over close to a trillion dollars to them as a reward for screwing us.
How's that crap sandwich tasting indeed?
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