Daily Archives: September 29, 08

Congress to America: Drop Dead

I’m not sure I know how to react to the news today that the House of Representative defeated the bill giving Treasury the ability to purchase mis-priced assets from the banking system.

As the market collapsed, $1.1 trillion was destroyed in falling share values held by Americans. That is much more than the $700 billion that Treasury requested. So we no longer have the $700 billion, and we lost another $400 billion. I can't think of a better definition of "stupid"...

Posted in Economics, The Annals of Protest | Tagged , | 2 Comments