Monday, September 22, 2008
Thanks to family life, I live in a bit of a news vaccuum over a typical weekend when I just don't go anywhere near a TV except to watch a little sports and I barely touch a computer. On Friday I was just hearing the news about the massive bailout of Wall Street proposed by the federal government, and about the dire consequences of not acting quickly (mere rumors of which prompted a market rebound on Friday.) Two days goes by and I wake up to news of a considerable backlash against the Bush administration's plan, which essentially gives the Treasury Secretary vast leeway to take bad debt off the hands of major investment firms and banks with little oversight. Apparently the right and the left are united in their opposition to a plan that gives the federal government such power, at least without a considerable amount of oversight and transparency, and for Democrats, help for the average homeowners whose taxes (along with all other Americans) will be footing the bill for this plan. Apparently news of this reluctance has caused stocks to fall, as they sense the bailout want be the Christmas morning they were anticipating...which is fine with me if it sends the signal to Wall Street that the days of completely irresponsible investing are over.