For those of you who still believe in the bailout and it being a benevolent act by the government to stabilize a stricken financial system, I give you this:
Stocks Plunge for Third Straight Session
By Sara Lepro, AP Business Writer (11/12/08)
“…Investors sent stocks lower on Monday and Tuesday on concerns that a severe pullback in consumer spending will exacerbate the weakened economy. Remarks from Treasury Secretary Henry Paulson on Wednesday, however, underscored the anxiety that remains about the health of the financial system. After being down in early trading, stocks plunged further following his speech.
Paulson said the government’s $700 billion financial rescue package won’t purchase troubled assets from banks after all. He said that plan would have taken too much time, and that the Treasury instead will rely on buying stakes in banks and encouraging them to resume more normal lending.
While the market had been pleased by the government’s decision weeks ago to buy banks’ stock, investors still hoped to see the financial industry relieved of the burden of the mortgage assets whose decline in value helped set off the nation’s financial crisis…”
