Wall Street Votes on the Bailout

by Ryan on October 6, 2008

in Economy,International Relations

The first full day of market trading since the bailout of all bailouts was supposed to staunch the bleeding of the current economic crisis Wall Street decided to vote.  Thusly, the Dow dropped a record one-day total of roughly 800 points before bargain hunters slowed the bleeding to a loss of about 330 by day’s end.  This was only 3.12%, way calmer than the 1987 crash which wiped out 22% of the market… but we’re definitely in position for serious competition. 

By the close of the market today worldwide indices, including all major American stock markets dropped significantly:  the British FTSE dropped 8%, the German DAX was down 7%, the French CAC (no pun intended to our friends in Boston!) was beaten up and the Russian exchange nearly collapsed. 

So much for the psychological impact of the bailout.  The market waited for this plan to come out and was sorely disappointed with it, just like nearly everyone else.  Too bad the electorate seems to be thinking that government is the answer to this problem, especially when government just screwed it up even more.

One bit of good news: a Mom & Pop gas station here in Jersey has gas as low as $2.99 a gallon for Regular, while most other places here are down to about $3.15.

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