The "Do SOMETHING to Calm People Down" Argument Just Failed
Tags: One of the biggest - if unspoken - reasons for proposing the bailout is that quickly doing something big will reassure investors and the public.
That argument has just failed (even with the PPT's best efforts).
As of this writing (1:30 East Coast Time), the stock market, Nasdaq, S&P, oil and gold are all getting hammered. Everything being down at the same time means that investors are panicking, and pulling money out of the markets. Shocking Claus divorce revelations at proceedings cloud issue.
Checking out CNN/MSNBC......Does not look good!