The U.S. House of Representatives failed to pass the bailout plan, giving the Dow it’s biggest one day point loss in history.
Dow: 10,365 -778
NASDAQ: 1984 -200
Citigroup bought Wachovia Bank as it collapsed. I’ve seen reports that 75% of Americans oppose the bailout plan because they don’t think Wallstreet should be saved. What they fail to realize is that if we allow Wallstreet to fail, Mainstreet will be right behind it. We don’t get to watch big financial firms fail and then go about our business like nothing happened. The credit market has been nearly frozen for two weeks. If these companies are allowed to go bankrupt, the money supply will dry up. Companies like General Motors, Ford, Caterpillar and Boeing won’t be able to borrow money to continue to operate their businesses. Companies won’t be able to make their payrolls. As this happens these companies will have to lay people off, which will seriously increase the likelihood of more foreclosures. People will no longer be able to borrow money to buy houses, cars, or send their kids to school. The entire US economy will collapse in to a depression. We are beyond talking about a recession at this point. We are back to 1929, when the government stood by and watched it happen. You can call it a bailout of Wallstreet, but it’s really a bailout of our economy and way of life. Now is not the time to point fingers and talk about what should have happened. It is time to take action to protect ourselves. We are at a point in time that most of us have never experienced. Hopefully our government can diffuse this nuclear bomb before it’s too late.

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