The media goes into hysteria as the stock market drops after the House votes to NOT bailout the banking industry.
WHAT A SHOCKER!!!
It only makes sense that the stock market would drop. See, the stock market it just an indicator of how confident people are in the economy. The fact that we were talking about a bailout show that there is a problem. Why would people be confident? The only thing keeping it from happening it earlier was the hope that the government would resurrect the banking industry. Although why people would be anymore confident when the government 's finger is in the middle is beyond me.
So, people LOST confidence in the economy a couple of weeks ago. The market didn't show that loss because of a pending government bailout. When the bailout didn't happen, the people were able to act on the confidence they lost weeks ago.
It will be important to note that the stock market didn't crash today because government failed to act. It failed TODAY because the government promised to act weeks ago. The promise of "doing something" only delayed what should have happened...
Let's see how many pundits point that out. (I wouldn't hold my breath if I were you).
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