I just saw on Larry King live that we lost 1.2 Trillion dollars today. That's money you and I (Mainstreet) lost by the way. Personally, I'm thoroughly confused. It seems like the 700bn deal received input from everyone in the Senate, both Republicans and Democrats. Why did it ultimately fail? The text of the deal is available on the internet http://www.huffingtonpost.com/2008/09/28/bailout-legislation-full_n_130063.html, anyone care to explain?
The American public is wholeheartedly opposed to the bailout. Me I'm all for it, I don't understand how on earth this bill failed. My take on the situation is that Wachovia collapsed this morning and was purchased by Citigroup at $1/share and the American tax payer missed out on this incredible deal. Wachovia is certainly worth more in the long run than $1/share, that is why Citigroup purchased it. Instead of the tax payer getting in on "fire-sale deals", we are standing on the sidelines watching the Senate argue, all the while watching our markets fail. So, what's going on people?