After Congress finally approved the $700 billion bailout plan, the Dow plummeted 508 points on Tuesday, creating the lowest closeout in five years.
"'The Fed is just plugging holes in the dam, and the water keeps rushing over,' said Michael Darda, chief economist at the research firm MKM Partners" told the New York Times.
The black cloud of recession is getting closer.
In order to fix the problem, officials announced they would buy parts of the market to make some credit available, but the recent behavior of the market leaves an unsure tension. President Bush seemed determined to help with the fears, telling audiences that the $700 billion program will work, but it will take time.
I bet it will take longer than the rest of his occupation as president.
Even Bank of America, a company that was doing well despite the fact it is surrounded by the shambles of other fallouts, felt the stabbing pain of loss Monday.
The bailout plan isn't working fast enough, and this issue is going global.
So my question is: Now what?
Subscribe to:
Post Comments (Atom)
1 comment:
I agree, this entire situation is a mess. Our leaders are insisting that the bailout just needs time to work, but I'm still unsure. It'll be interesting to see how it all plays out over the next few weeks.
Post a Comment