The House of Representatives just rejected the $700 billion bailout plan for the financial industry. Guess what happened to your stocks since lunch?
I don't know what to think. There's something about this whole we-need-the-money-so-trust-us thing that doesn't smell right, especially with this administration. Learning that the $700 billion figure was picked because they just needed a really big number wasn't comforting. And I don't really trust the Secretary of the Treasury, quite frankly. As he's a former Goldman Sachs executive, I'm sure he knows what he's doing. Which isn't entirely a good thing.
The intersting thing is that the bill was brought down by the combined votes of very liberal and very conservative representatives. More Republicans than Democrats voted against the measure that would have propped up some of the Republican party's staunchest supporters and donors. That's bipartisan cooperation for you, even if they're now all busy blaming each other.
A colleague and I were joking a few minutes ago that it seems like there's finally an advantage to being graduate students with no assets, but as Committee Member #3, who's less than five years from retirement, pointed out, it's not funny at all for those whose retirement accounts are up in the air. And that's the problem: something has to give, but letting the foxes write their own legislation isn't a very trustworthy solution.