Libertarians for Ron Paul

Bailout Bill Did Not Stop Stock-market Slide

“The enactment of the now-notorious $700 billion bailout package did not stop the downward slide of the stock market, as its proponents had promised. Recall that when the stock market took a steep drop on the day the House rejected the first bailout bill, hysteria-mongers on Capitol Hill and in the news media warned that that steep decline was a harbinger of things to come unless a bailout was passed, and quickly.”

“The bailout package was passed four days later. But what has happened to the stock market since then?”

“On October 3, the day the House passed the Emergency Economic Stabilization Act of 2008 and President Bush promptly signed it into law, the Dow Jones Industrial Average closed at 10,325, the Nasdaq at 1947, and the S&P 500 at 1099. In the weeks since, however, the Dow has declined more than 25 percent to around 7,500, the Nasdaq 32 percent to approximately 1,300, and the S&P 500 over 30 percent, to about 750.”

Full Post by Charles Scaliger @ http://www.thenewamerican.com/economy/markets-mainmenu-45/536