Overheard on the Titanic*.
From Bespoke Investment Group:
$746 Billion Down the Tubes -- Congratulations Congress!
While Congress was busy debating and voting down the $700 billion financial rescue package, one of the key arguments against the bill was that our voted officials didn't feel right risking $700 billion in taxpayer money on a 'bailout' of the Financial sector. In voting the bill down, our elected officials may feel like they have done their constituents a service by protecting their money.However, with a decline of 6% today, the S&P 1500 has now erased $746 billion in market cap alone. This doesn't even take into account the lost GDP that is likely to result from the continued deep freeze in the credit markets....
*I saw it in a cartoon somewhere.