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Politics : View from the Center and Left

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To: Sam who wrote (89275)	10/9/2008 9:38:14 AM
From: Cogito	Read Replies (1) of 541991

>>Edge of the Abyss<< Sam - The author of that article loses me with paragraphs like these: >>Stiglitz says: “There is a growing consensus among economists that any bail-out based on Paulson’s plan won’t work. If so, the huge increase in the national debt and the realization that even $700bn is not enough to rescue the US economy will erode confidence further and aggravate its weakness.” Stiglitz’s point is proven by the fact that the Dow Jones cratered after reports circulated that the House had passed the bailout.<< The market hasn't sent much of a consistent message. The market rallied on news that a bailout plan was in the works - Paulson's plan. Then the market rallied on the news that a deal had been hammered out and that the House was going to vote later that day. The market then cratered on the news that the plan hadn't passed the house. So later, a porked-up version of the plan passed both Houses of Congress and was signed in record time. And the market cratered. I'm not sure how you can take the last data point and conclude that "the market" feels any particular way, while ignoring the other data points. - Allen

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