September 29, 2008 – The Bailout Fails; The Market Falls
This is The Blog Report for September 29, 2008, or “The Crash of 29” – the day the stock market saw it’s largest one-day drop in American History.
On this day, the market reacted to the failure of the U.S. House or Representatives to pass The Bailout Bill, the Emergency Economic Stability Act of 2008.
I discuss the implications of this action and the political fallout behind it. Moreover, I take aim at the unintelligent view of people who claim that government’s not in the market and should not be. In point of fact, there’s no place where Government isn’t in our lives. Thus, we must make sure it works.
I also take on Senator John McCain, who deserves blame for the failure of the bill’s pasage as much as he believed his involvement would deliver House Republicans — that did not happen. Senator Barack Obama was smart enough not to try and out-do Senator McCain, but to let the Congressional House do its job.