Monday, September 29, 2008

Don't Think Crossing My Fingers Will Stop What Is About to Happen...

The House of Representatives voted NO on the bailout bill today.

I hope that the people I have talked to and the experts that have said that we need to do this 'bailout' are wrong.

That not passing this bill will no create a major recession or a Great Depression, but I don't see it.

It looks like a bi-partisan killing of the bill with about 133 Republicans and 95 Democrats who have voted against it. I think these people have made a big mistake, but we will have to see what happens.

Currently,, we are down 500 points at the time of this writing.

Couple of well known stocks at the time of this blog.

Apple: Down $23
Google: Down $36
Goldman Sachs: Down $23
Fifth Third Bank: Down 36%
National City Bank: Down 52%


Well Americans like to be a part of history, and we get to be part of that today. The single biggest point drop in the history of the Dow Jones.

777.68 points.

The NASDAQ fell 9.1% to under 2000pts.

Wachovia is the latest major institution to fail and be talen over by one of the three strong banks. They were taken over by Citigroup. Seems like Bank of America and JP Morgan are the other two solvent banks,,,, for the moment.

And the experts are saying the credit markets are getting even worse.
Tomorrow ends the quarter and earnings reports are about to be announced. The unemployment rate is going to be announced this week with a number sure to increase from 6.1%.
Where's the end of this? 17people has no answers, but CNBC will be on my TV more than it ever has before the next couple of days.

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