Monday, October 06, 2008

Wall Street and the Banking Crisis

BBC News: Reports on the meltdown of the London FTSE and the Wall Street Dow Jones. In London the FTSE was down 391.06 points, nearly eight percent down. In Wall Street at 5.45pm UK time, the Dow was down 474.30 points. My simple question, the Congress passed a bill for eight hundred billion dollars, and what has the effect bean after the rush, the markets in Europe, American and Asia have tanked. I hope those in Congress that passed the Bill are thrown out of office, the Western system only works when you are allowed to fail, otherwise you get the USSR or France. The market has a long way to go down, it will hit rock bottom but needs a hard fall before it can come back, needs to lose over a thousand in day to get the market back to calmer water. This drip, drip is hurting the market as confidence has gone out of the window.

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