Another wild day on Wall Street!

Friday 3 October 2008

If you are like me, you have a real job that takes you away from the computer at times. I surfaced around lunch time from grading papers and was pleasantly surprised to see the market responding favorably to the house’s vote in favor of the bailout. Or is it called a rescue plan now? I went back to grading and stopped for afternoon tea to be shocked by the tumble that had occured since lunch. What to make of it all? Continue reading

The Day After

So here we are the day after the great rejection and t he market is attempting to recover. As I write, about noon EST, the Dow is up about 200 points — still 600 points to go to even get back to where we started yesterday before the great rejection. Two of my favorite commentators last night, Ben Stein and Paul Krugman, were in agreement that the bill was imperfect, very imperfect, and that the Treasury Secretary was asking for powers that required usurpation of the Constitution. That said, they both agreed that Congress was playing with fire and that the entire economy could be brought down in ruins. Continue reading