Wasn’t $700 billion supposed to stop this from happening? This is why quick fixes do not work.
The government, both the President and members in the House and Senate told the American people that the purpose of the $700 + billion bail out was to stabilize the markets. As Michelle Malkin points out that is hardly the case.
- Markets in Asia tumble amid fears of growing financial turmoil
- London plunges as banks pump billions into market
- US STOCKS-Futures tumble as credit woes fan global rout
- European Turmoil Hits U.S. Stock Futures
Investors took scant comfort from Washington’s passage of a US$700 billion plan to buy bad assets from banks and other institutions to shore up the financial industry on Friday because of the uncertainty still hanging over the details of the deal and the degree to which it will help.
It would appear that Asian investors are skeptical of the bail out plan. This is wjy throwing money at a problem never works. A comprehenisve plan and method to fix the problem which created the crisis is needed. That and a couple of people behind bars. So much for the government having a clue that you do not correct capitalism with socialism.
Just when America thought that $700 billion was the answer to the American economic woes, the “Fed sees Lending to Companies, States as Next Crisis Fronts.” I guess the America tax payer is supposed to bail out everyone.
Companies from Goodyear Tire & Rubber Co. and Duke Energy Corp. to Gannett Co. and Caterpillar Inc. are being forced to tap emergency credit lines or pay more to borrow as investors flee even firms with few links to the subprime-mortgage debacle. California Governor Arnold Schwarzenegger says his and other states may need emergency federal loans as funding dries up.