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Election 2008: Who Will Get to Spend the $700 Billion?
By Martin Hutchinson
Money Morning
The market’s verdict on the $700 billion bailout was pretty clear: Stock prices started dropping the moment the bill was passed on Friday afternoon and continued to do so Monday, with the Dow Jones Industrial Average closing down 370 points for the day – after being down 800 points earlier that same day.
The economic effect is also pretty clear: Given that the bailout plan is being launched at a point when money is already tight – and that it pours $700 billion of our money into the most useless, toxic waste left over from the housing bubble –…
8Oct2008 | Money Morning | Comments Off | Continued
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