I know that the bailout is a done deal, but someone I know sent me this letter that Gene Taylor sent him, and I thought it was a pretty good read. Enjoy.
Thank you for expressing your opposition to the Bush Administration’s request to allow the Secretary of the Treasury to spend $700 billion to [...]
Gene Taylor (D – MS) on the bailout
Government passes bailout, adds tax shelters, cuts, Fed lends money directly to companies. Stocks drop anyway.
While watching the debate, I happened to read this article. How much lower can it go?
The bailout has passed
Today President Bush signed into law a $700bn bailout plan(Actually closer to $850bn with plenty of Christmas treeing) to allow the Treasury department to buy up “toxic” assets from failing financial institutions. The DJIA immediately reacted by falling nearly 500 points by days end, to close –157 over open that day, and nearly 818 points [...]