Oct 062008
How about if we rescind the Big Bailout from last week as a positive step toward restoring confidence in the economy? Who could possibly have confidence in the government’s Hair of the Dog method of handling it, given that they gave us more of what led us to crisis in the first place?
Headline from today’s WSJ: “Markets Fall on Rescue Doubts; Dow Closes Below 10000”
Markets around the world tumbled, reflecting investors’ lack of confidence despite stepped up relief efforts by the Fed and European governments. The Dow industrials fell below 10000 and European stocks fell to 20-year lows, a stark sign that the crisis may be outpacing policy makers’ ability to contain it.