According to the Intelligencer Journal editorial of Sept.30: “The failure of lawmakers to pass the bailout resulted in a 777-point loss on the New York Stock Exchange. That downturn – resulting in $1.2 trillion in losses – cost investors, who own shares in pension funds, retirement accounts and the like – much more than the $700 billion bailout would have cost.”
It’s now a day later and the Dow Jones average has reclaimed 485 points.
So can we be certain that the bailout is essential? Or has the market gone through another 20% ‘correction’ and was the 777-point drop the final “blow off” that signals the bottom of the market? (A bottom occurs when the doubters have largely sold their stock so the amount available is far less.)
Sorry. NewsLanc doesn’t know the answer. Otherwise we would be otherwise occupied buying or selling futures!
