Well, so today was the big day when the House voted on the proposed bailout. And the House failed to support the bailout. Personally, I don’t know if this is good or bad. The market lost about 780 points, the largest single-day point drop in history, but not even in the top 10 drops in terms of percentage drops. If you look at the DJI chart for the past 30 years, its is essentially a straight line up, and I bet most of us would not be able to point out the top 10 drops in the history of the market! So maybe we don’t give Wall Street $700 Billion, and let the market work it self out.
The politics of the failed bailout will be interesting to watch. McCain essentially pulled a political stunt by announcing that he was suspending his campaign and returning to Washington to help push this deal through. So he may see some fallout from this failure of the bailout attempt. The Republicans came out right away and pinned the blame on Pelosi’s apparently partisan speech. The Democrats were a step behind (well, as usual!) and I think they messed things up. Now that they were a step late, the Democrats should have taken the high road, and focused on bipartisanship rather than try to play the blame game. Instead, they came out late, and they started to point fingers, and they looked small.
I just Jon Kyle (R-AZ) speak with Neil Cavuto on Fox. Kyle, in my opinion, took the right tone, and his approach was “what’s happened has happened, now lets work together”. Cavuto asked Kyle what he thought about the partisan speeches by Pelosi, Frank, and the other Democrats. Cavuto failed to mention the partisan speeches by the Republicans a few minutes ago. I realize that complaining about Fox’s blatant right-wing bias is like complaining that water is wet. But it must be nice to have your own full-fledged propaganda TV channel. I can’t wait to see O’Riley and Hannity later today!
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