House Passes Bailout Bill and Stocks Drop
The House of Representatives has passed H.R. 1424, the Emergency Economic Stabilization Act of 2008. And what’s happening as a result? Stocks are going down, about 150 points below where they were when the legislation was passed.
It must be all those wooden arrows that the legislation authorized, poking lots of little holes in the marble veneers up and down Wall Street.
Stocks will go up and stocks will go down. That’s what happened in the market before the bailout, and it’s what’s going to happen in the market after the bailout. The difference that’s been made now is that, along with the stock fluctuations, Wall Street firms are going to have 700 billion dollars more to play around with, and our nation itself is going to be 700 billion dollars further in debt.