The market has spoken - the bailout sucks - DOW down 220 points after Senate passes bill

[grahamhgreen]

What mor can I say?

It's a scam.

It's the shock doctrine.

This is not the time to be scared into passing a bad bill.

Let's wait til we're in power, so Obama and the Dems can decide where to spend 700 BILLION dollars.

[SammyWinstonJack]

1. ...

:kick:

[still_one]

2. The market isn't dropping because of the reason you gave

It is dropping for several reasons:

1. Disappointing manufacturing and employment data
2. Uncertainity if the house will pass it
3. Acknowledgement that we are in a recession

[radfringe]

10. and the Senate didn't include a milk and cookie allowance. n/t

[Junkdrawer]

11. Funny, all week the DOW was used to show how we NEED THIS BILL NOW....

When the DOW dived, it was because of the House rejection...

When it rose, it was because of "New Hope for passage"

Now that the DOW dove AFTER the bill passes, the bailout had nothing to do with it???

[onenote]

3. the market is reacting to record unemployment numbers

Go back to other times when unemployment claims were increasing, such as early september 2001 (before 9/11). The market dropped 235 points that day.

http://money.cnn.com/2001/09/07/markets/markets_newyork/


If the Senate hadn't acted, you'd be seeing much much worse numbers from the market.

[earthside]

6. Please, Nobody Really Knows Why Down or Up

Unless some one is out there doing a poll or focus group on why fund managers are doing whatever they are doing ... no one really knows why the market is down (or up if it goes up).

It might very well be down this morning because traders know that this bailout package is pointless except as a political maneuver to hopefully keep things a bit peaceful until election day.

The truth is that the banking system is falling apart and derivatives are a black hole that is going to suck up trillions and trillions of dollars: to wit.

[fed_up_mother]

4. Hon, make that 301

No dead cat bounce today. That cat is dead and buried.

[onetwo]

5. Profit-taking

[depakid]

7. The sentiment is probably about the House not passing anything

and BTW: the bill had nothing to do with "spending" 700 billion dollars, although that seems to be the only way people can wrap their minds around it.

[knowledgeispwr]

8. The bill hasn't passed yet. It has to go through both houses

And the markets react to multiple things.

Simplistic to say it's because of the passage of the Senate bill.

[western mass]

9. Umm...have you been paying attention?

Obama and the Dems have been pushing this bill.

You're right, it is a scam. But I hate to burst your bubble by pointing out that if the Dems wanted to kill or delay this bill, they would. Before or after the election won't make a bit of difference.

They know that whatever they do, you will still vote for them.

[Bluenorthwest]

12. And how about you?

Who you voting for? McCain voted for the bill, the bill is Republican in origin, it came from GOP Whitehouse.
We Democrats know that whatever crap is going down, it is the Republican rule for a decade that did it.