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.