The House has passed the travesty, er, bailout, er “Financial Rescue Plan” (263-171).
UPDATE: It sure impressed the stock market, didn’t it?
While I don’t doubt that there’s a distaste on the part of the market for this bailout bill, I’m unconvinced that the market drop we saw is in direct connection to the passage of the bill.
Trying to judge what drives the band of lemmings known as “The Stock Market” to do what it does and nail down the causes for each motion, rather reminds me of a project we were once given in high school… trying to reverse engineer a pseudorandom number generator by means of analyzing it’s output.
Or, perhaps more correctly, of the tale of the blind men and the elephant. How does one know if they’re getting the attribution right, or wrong?
And if the market was quite so predictable, why are we not all understanding of when exactly to get into the market thereby making us all rich?
Part of the problem, here, is that the bailout bill wasn’t about the stock market only, but rather the credit market, the connection of which to the stock market is partial at best.
Now, understand me; I’ll be the first to say that the issues which got us here are not solved by this influx of cash, unless and until the business practices… IE; the government’s 70% stake in housing debt… is removed. But mislabeling market unknowable reactions as confirmation of a political position hardly seems a way to get there.
Tags: bailout, Bruce, financial rescue plan, political position
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