Today the Dow went down 778 points, it's worst point decline ever. This happened after the House rejected the bailout plan bill, which makes me question if this was a smart choice. I never really was in favor of the bailout out plan considering all the money that was being put into it and the fact that Bush was encouraging it, which didn't help.
But after seeing what happened when the bill didn't pass, it made me wonder what would have happened if it had been passed; maybe stocks woudn't be as bad as they had now become, who knows. But right now our economy is in a mess, complete and utter shambles and unless something is done we might be seeing another Black Monday.
Also another problem is whether the failing credit market in the US will spread to other markets our the world. Apprently it's started, with Japan’s Nikkei stock average falling 1.26 percent. Britain’s FTSE 100 to 5.30 percent, Germany’s DAX index falling 4.23 percent, and France’s CAC-40 to 5.04 percent.
It's scary to think of how bad the economy might become if the people at Wall Street don't get help, so rather than leave them alone to solve the credit problem I think a bailout plan might just be what the economy might need to get a-- even if it's little-- boost.
