Tomorrow is going to be a bad day on Wall Street. A week ago, on Monday and Tuesday of last week, it was noted somewhere (and I can’t remember where) that the market was 500 trades away from a 4,000 point loss. That is a massive crash.
The market rose today on optimism about a potential bailout. But the markets were closed when news came that McCain and House Republicans scuttled the deal with the idea that the market needed less regulation and more corporate tax breaks. Add to this the news that Washington Mutual has just failed.
Tomorrow will be a very bad day.
There is no end to Republican malfeasance. According to Delawarepolitics.net Mike Castle is a backer of the GOP plan to use this crisis to further cut capital gains taxes for the super rich and slash taxes for the very corporations that got us into this mess.
Unreal.
it is pretty sickening.
The lobbyists have to be working some serious overtime right now
I think we will see the Dow break 10,000….
The Castle plan is being couched in the same terms that is putting McCain’s polling back in play. Castle is hoping to get credit for holding off against socialization of the markets just as McCain is getting the brownie points. Spin a message of no socialized loss and you are gold.