The House today rejected, by a vote of 228 to 205, the $700 billion bailout for Wall Street. It saves at least until Thursday the translocation of America's financial capitol to the 202.
The Dow Jones Industrial Average fell 778 points, or 6.98 percent to 10,365, the biggest point drop ever. The Standard & Poor's 500 Index fell 8.4 percent, the most since Oct. 26, 1987.
Ah yes, October and Markets. Could we be in the midst of the Panic of 2008? I have no idea. My degree is in politics and history, not economics or business.
What I would like to see is the democratization of Wall Street. Does the Treasury have to be run by Wall Street. The Real Question is this: Is What is Good for Wall Street, Good for America? I for one tire of Goldman Sachs running the financial show. We talk about changing Washington by swapping Presidents from one party or another. Can we end this faux public service factory from Manhattan-based investment banks and have a banker from Los Angeles or San Francisco in charge for a change. Or perhaps let's appoint some exec from Omaha or even a state controller, or how about a CFO from progressive company.
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1 comment:
I'm glad you started a political blog. It will be good to hear more from familiar voices.
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