awe come on:
I see nothing but pitch black darkness, with the S&P down another 3%, and the latest strong decline at 3 pm today. And all this before the holiday season and some grim retail outlook. omigod.
$700B wasted on bad paper. $300B proposed to bailout home loaners (not to be confused with owners) who lied on applications, didn't put money down, and aren't making payments.
Investors are telling you what they think of this. It isn't working, it's bad policy, and won't work. From the looks of the economy and near term outlook, the government may be better off saving these big expenditures for people who need it for direct essentials, if (and probably when), this economy shows a more severe, and more prolonged, downturn in the next 3-6 months.
Why not spend $700B starting a mass transportation system that is not based on individual automobiles? That could keep some people employed and do something beneficial. $700B can do alot better things than buying bad paper.