Category Archives: Dow Jones

Now here is something that will make Phil Gramm whine..

Today the Dow has plunged to its lowest point in two years this afternoon. What makes me cry is the fact that another government bailout is on the horizon. From the MSNBC writeup:

Investors seemed unimpressed by a statement from Treasury Secretary Henry Paulson, who said the government’s focus is ensuring that Fannie Mae and Freddie Mac remain as presently constituted to carry out their mission.

The government-chartered companies at times each lost more than 40 percent on growing speculation that a government bailout is needed. A collapse of the two financiers would cause further shock to the financial system, and trigger more losses to banks and brokerages with significant holdings of mortgage-backed securities.

Christ, they can’t help Americans make ends meet, but they can bailout corporations like it’s a fucking contest.