The US House of Representatives just voted down the bailout plan offered by the Bush administration. The reaction of the US stock market was to drive the Dow down over 650 points, recovering to now down about 500 points. This puts the stock market back to the levels of the year George W. Bush entered office.
There is a great distrust of the bailout plan itself by Congress — and the public.
What will now happen is that there will be a staredown of those who will let companies fail — along with their laid off employees — and those who propose some sort of bailout.
It’s playing chicken at the highest levels with our jobs, incomes and economic security on the line.
Stay tuned…
Scot
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