Today, the DOW went down 780 points, apparently the highest drop that has ever occurred. All because banks are lending out more money than it has money coming in. More people are filing bankruptcy and so banks are needed to be bailed out by government, but not today, maybe later this week. But the big picture is there has been a $1.4 trillion loss and the bill if passed would have only been 700 billion, half of what is owed.
Members of the house listened to people who have said that they would not vote for them next month if the bill passes and so the majority of democrats and republicans voted against it. There is another way for this financial monster to work. The long term affects could have been disasterous.
The question is where do we go from here. Where do we put our money? What do American people do now that the bailout vote falls, stock market down. Put your money in safe markets, money market accounts or do something safer like save money in basic savings accounts. Wait until you can put you money into something safe that you understand.
I’m debt free and the stock market has yet to affect me, I say this not to boast but to urge you to also pay off debt because one day people are going to move forward you might as well join those folks who don’t borrow money.
I am glad they didn’t pass it. If they really want to have some kind of bailout they need to start at the bottom. Don’t help the banks get our of debt, help the taxpayers get out of debt. By doing that they will spend more, which will free up the economy.
The bailout plan thats being voted on by the house on Friday should be shot down also. It’s crazy how these companies (executives) get themselves in these predicaments and then tax payers are left to bail them out and executives get “golden parachutes”. Just in case you didn’t know Americans will have to pay approx. $38,000 per person per household if this bill is passed which will cover the $700billion that is supposedly needed. Goldman Sachs chairman earned $73million in 2007, is that fair?