Both! “McCain and Obama accuse each other of falsehoods, and both have good reason.” (source)
Everything you need to know is at the highly respected web site, Fact Check.org.
The Senate missed their chance three years ago to head off the sub-prime mortgage crisis at Freddie Mac and Fannie Mae. Had the Senate done their job, we would be in better shape now. Shame on the U.S. Senators who did nothing.
A year ago today, the Dow Jones Industrial Average closed at 14,164.53, a new all time high. Today the DOW closed at 8,579.19, a drop of nearly 40% in one year and the lowest close in five years. The S&P 500 and the NASDAQ are down by similar amounts. If you had $10,000 in the market a year ago and haven’t done anything since then, you lost $4,000. If you had $100,000 in the market a year ago and left it there, you lost $40,000 over the last year (at least on paper). That’s tough to take if you are heavily invested in stocks.
The House passed the “rescue” bill today (rescue sounds better then bailout) that the Senate passed Wednesday night. That’s a good thing mostly.
Too bad the House didn’t pass the first version. THIS version has $100 billion in pork barrel add-ons to the bill. How odd that after whining about the cost of the $700 billion for the rescue plan, they (Senate and House) add another $100 billion in pork barrel politics. That’s what happens when the original 3 page bill grows to over 100 pages (last version) to over 400 pages.