Anxiety on Wall Street was at an all time high today leading to the largest Dow Jones drop in U.S. history (777 pts.) More large financial institutions today reported huge losses brought on by the volatile mortgage market. Among them were Sovereign Bancorp Inc. and Wachovia. Sovereign saw its shares today drop close to 60%. The Federal Deposit Insurance Corp, or FDIC, said that Citigroup Inc. will take over Wachovia's banking operations. It is likely that more banking giants will follow suit soon.
Despite pleas from the White House and Treasury Secretary Paulson the House defeated the much anticipated Bailout Bill today on Capitol Hill. So it looks like both Wall Street and Main Street will have to wait a bit longer for help. While the Democrats have a majority in Congress they have been extremely vocal that they will not carry this highly controversial politically charged bill themselves. Both sides of the aisle do not want to be held responsible if this plan fails, and rightfully so.
John McCain in an attempt to save his campaign selfishly shoved party politics into the mix last week. One could argue that the reason why we do not have a deal at this point is because of the grandstanding by good ol'boy McCain. Once again John McCain puts party first instead of his country. The worst of it all, is now he is pointing the finger at Barack Obama.
Sorry Senator but no amount of political right wing pundits can spin that one. You fake suspended your campaign. You made a dozen appearances before you 'rushed' back to Washington. You did not bring people together. You did not even read the first bill proposed and you still have yet to comment on where you actually stand.
You actually have to take a stance to be considered a leader. If America has learned anything by this, it is that you are not President material.
5 comments:
What the should i do with me money???!!! AAAAAAAAGGHHHHHHH!!!!
7 1/2 YEARS OF GEORGE BUSH
TO ALL MY FRIENDS....LIBERAL OR CONSERVATIVE...FYI only. George Bush has been in office for 7 1/2 years. The first six the economy was fine. A little over two years ago: 1) Consumer confidence stood at a 2 1/2 year high; 2) Regular gasoline sold for $2.59 a gallon; 3) the unemployment rate was 4.5%. 4) the DOW JONES hit a record high--14,000 + 5) American's were buying new cars,taking cruises, vacations overseas, living large!... But American's wanted 'CHANGE'! So, in 2006 they voted in a Democratic Congress and yes--we got 'CHANGE' all right. In the PAST YEAR: 1) Consumer confidence has plummeted; 2) Gasoline is now over $4 a gallon & climbing!; 3) Unemployment is up to 5.5% (a 10% increase); 4) Americans have seen their home equity drop by $12 TRILLION DOLLARS and prices still dropping; 5) 1% of American homes are in foreclosure. 6) as I write, THE DOW is probing another low~~ $2.5 TRILLION DOLLARS HAS EVAPORATED FROM THEIR STOCKS, BONDS & MUTUAL FUNDS INVESTMENT PORTFOLIOS! YES, IN 2006 AMERICA VOTED FOR CHANGE...AND WE SURE GOT IT! .... REMEMBER THE PRESIDENT HAS little CONTROL OVER ANY OF THESE ISSUES, ONLY CONGRESS. AND WHAT HAS CONGRESS DONE IN THE LAST TWO YEARS? ABSOLUTELY NOTHING. NOW THE DEMOCRATIC CANDIDATE FOR PRESIDENT CLAIMS HE IS GOING TO REALLY GIVE US CHANGE--ALONG WITH A DEMOCRATIC CONGRESS!! JUST HOW MUCH MORE 'CHANGE' DO YOU THINK YOU CAN STAND?
your right your party has done an astounding job improving the quality of life for american citizens.
Can you clarify for me what the BUSH doctrine is or Executive privilege, or the Constitution and why George Bush shouldn't be in jail....
Justine,
We all know how long Bush has been in office. FYI... two years ago we were on our way to a recession, which we are in now and we have been in since Jan.
2 1/2 yrs ago consumer confidence was at an all time high because the housing bubble had not burst yet and there seemed to be no end in sight to the growing power of the American dollar. To insinuate that the Democratic elected Congress is to blame for this financial crisis is ludicrous. The systematic failure that we are seeing right now is from the deregulation that has plagued Washington's politicians and that began in the Reagan era. No oversight, no regulation, and corporate lobbyist have directly caused this mess, and now the taxpayer is asked to bail them out.
Financial firms learned how to "legalize" gambling and they did it without anyone stopping them. They moved paper around over and over and over and over again. Plain and simple these companies can't pay their bills, but guess what either can the average American. Why do these companies deserved to be bailed out and we do not?
While I agree that the Congress has not lived up to its end of the bargain, this is hardly their fault. This was a problem on Wall St not Capitol Hill. Washington should have regulated this better but they did not. But that also started long before 2006.
And Bush, don't even get me started with where he has taken this country. He has destroyed our standing with our enemies and our allies. He took the White House with a big surplus and he will leave office with the worst deficit. He sent us to one War and concocted another. And we continue to pay 12 billion a month on an occupation not a war. He trampled on the Constitution, expanded executive power, and ignored the judicial branch of government. Not to mention the fear mongering he conducts on a daily basis. I hate to break this to you but Bush does have power over these things, unfortunately too much power.
Obama does not come from this school of thought. He wasn't born with oil money or married to a beer heiress, he comes from the bottom and worked his way up.
We adopted a top down strategy for our economy and look how this has turned out. He offers a fresh perspective and intelligent well thought out policies that take the country in a different direction. I do not want a McCain administration who has said he will not change course. Would you like things to change? DO you really think things will change under someone who has said he won't?
Post a Comment