Monday, September 29, 2008
Cut your nose off to spite your face!
Well, the vote is in. The liquidity injection has been rejected.
The decline in the S&P 500 ALONE, not to mention the impacts on the bond and real estate markets, are, as I write this, is well over $800 BILLION in value. Whatever Congress was trying to prove, they just proved that, as usual, they do more harm than good.
My best guess is that the Federal Reserve and the U.S. Treasury will try to do a temporary end run around Congress.
In the meantime: No bank is safe from failure. Do not keep more than $100k in ANY bank for any reason.
BTW... I am STUNNED. I fully expected the bill to pass. Just goes to show you...
Mentatt (at) yahoo (d0t)com
Posted by The Short Story Man at 11:22 AM