Bailout Thoughts

Well here is a brief look at how some of the markets did overnight after the massive collapse here yesterday.

It probably wouldn’t surprise me if the markets showed a positive gain here today because after the massive drop off yesterday, there are going to be plenty of bargain hunters who tend to day trade of even trade on a short term thinking they can make major gains after stocks across the board took a hit.

It’s going to be interesting to see how this failed bailout deal affects the voters because until this really starts to impact people’s wallet, I don’t think you’ll see enough people start to base their votes solelyon economic issues. Yea, you are starting to see a trend of voters asking for a change now because the incumbent party will take a hit for failed economic policies even if it is not the candidate’s fault but this race is still too close to call and until the prices of every day goods start going through the roof, until there are more layoffs that start to into effect where more and more peoplpe know someone without a job, it probably won’t affect the voters as much as people think it should.

I think for Congress it probably was a good idea not to pass a bill immediately because the last couple of times that bills of this magnitude were passed overnight, it did not yield great results (look at Patriot Act and the war against Iraq).

Also by not passing the bill, they receive mucho kudos from my buddy Krishna who found a reason to support the congressman from his district but in the same view, found a reason not to like Frank Pallone.

Bailout Bill Rejection Conversation

Well these conversations are always nice…

13:48 CM: 203-226 nay and dow is down 602 points
FH: oh man
CM: it was almost down 700
but now its 532
FH: wow, i stopped looking when it was down 300
13:49 CM: 205-228 with one rep left to vote
and now were at 494
FH: so what’s gonna happen with that now
CM: they’re most likely goign to vote on it again
13:50 but technically they cna’t do it again in the same calendar day
BUT the rules of the house are suspended
so they could
the house is out of session at sun down tonight.
FH: is market open tmrw/wed or do they stay closed for the holiday
CM: aka in about 8 hours when the market in asia opens
we’re screwed
FH: indeed
CM: i think its open
13:51 FH: i think dow might hit 9K by the middle of the week
CM: lol lovely
13:52 well besides this im having a fab day.