Failed Vote: economic impact Monday, September 29, 2008
Posted by ei-forum in Miscellaneous.trackback
Well, by voting against the 700 billion USD aide package, Congress managed to have an even bigger impact on the market! As Bespoke Investment Group noted:
“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. Once again, Congress has done more harm than good for the ‘good of the people.’ What’s worse – that Congress couldn’t put partisanship aside and come up with a solution, or that we put any faith in them in the first place? Nice job Washington.”
Furthermore, Barney Frank came out saying that they “will assess the economic impact” of the NO. Well, maybe he should have a look at this chart:
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