So much for the Congressional “bailout” package bailing us out of anything. The legislation did not receive enough votes in the House of Representatives to pass and will not be voted on again until AFTER Thursday. The Dow fell 770 points for the day and the NASDAQ nearly 200.
What happened? Why did House representatives vote against the best interests of their constituents? The answer is quite simple: Members of Congress are allergic to joblessness — their own. It’s okay for their constituents to be unemployed, but not them. So, to keep their “jobs”, certain members of Congress will say or do whatever is necessary. If Bobby Jean or Buddy Boy thinks that the fat cats in Wall Street shouldn’t get bailed out, well, by golly, so do they. And it doesn’t matter that Bobby Jean or Buddy Boy, products of our underperforming or downright failing public school system, do not have the intellectual tools to assess and analyze even moderately simple financial concepts as evidenced by the millions that signed on to mortgages that they could not afford claiming that they were hoodwinked by disreputable lenders.
So everyone, including financial channel talking heads, tell Americans what they want to hear and not what they need to know, fully aware that Joe and Joanne Mainstreet don’t understand a thing and have no way to discern truth from fiction.
The hubris of Wall Street and Congress and the ignorance of the masses are a lethal combination set to take this nation, and the world, into an unprecedented period of economic decline.