Senate Bailout Doesn't Actually Save Collapsing Economy
Hey, youhalf-million people seeking unemployment checks last month: Did you not hear that Congress and Hank Paulson are going to Save the Economy? And what about you Wall Street analysts finally admitting, today, that the United States is in a terrible recession? Did you forget that John McCain believes the fundamentals are strong?
What about you commercial lenders, didn't you hear about the gazillion dollars of "liquidity" the Treasury dumped into the banking system, again? No, we guess not.
Let's check in with housing. Or let's not, ugh.
And that's your Bailout Midday Update. The Dow's down 309, NASDAQ is down 72, the S&P 500 is down 39, so it's looking like at least another -3% washout across the board.