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. 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!
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