Twitter   RSS   Email  

 How the Global Economy is Dependent on Christianity

 Why America May Never Recover From the Recession

 Save Money Homeschooling

House Defeats $700B Financial Markets Bailout, Stocks Drop 700+

By: Steve Johnson

9/29/2008 - 14 Comments

In a surprise move, the House on Monday defeated a $700 billion emergency rescue for the nation's financial system, ignoring urgent warnings from President Bush and congressional leaders of both parties.

Stocks plummeted by as much as 700 points on Wall Street even before the 228-205 vote to reject the bill was announced on the House floor.

Ample no votes came from both the Democratic and Republican sides of the aisle. More than two-thirds of Republicans and 40 percent of Democrats – who control the house - opposed the bill.

A White House spokesman said that President Bush was "very disappointed." Did the Democratic leadership fail to rally their own party or did the Republicans fail to follow President Bush’s leadership?  The finger pointing will continue forever. 

The Right Decision

Personally, I think this was the right thing to do even if it leads to a stock market crash because in the end, whatever happens is inevitably going to happen and the bailout would have only delayed the inevitable.

It’s better if the stock market crashes 30% now, then 30% over the next decade with a destroyed value of the dollar because the sooner we accept the losses the sooner we can start rebuilding the economy. 

The major financial firms that bet everything on the mortgage bubble need to be allowed to fail, so that existing capital can be used to fund new businesses – rather than being used to hold these firms together a little bit longer. 

The most important thing we need to protect is not our houses, jobs or even our Wall Street firms - they can all be replaced.  Its the value of our currency that needs to be protected because if the world looses faith in the dollar, it will be almost impossible get back. 

Copyright © 2021 All rights reserved.

Crash Proof

Peter Schiff has predicted the economic hardship more accurately then any other economist in the world in this book. Everything from the housing crash to the credit crunch to the stock market. Peter has a plan to help you servive the crash. Peter explains why the Wall Street investment firms are still trying to sell you stocks, and was the house prices are likely to continue to decline for years to come.

The Coming Economic Earth Quake

Larry Burkett explains how the financial troubles in America started back in the 1930s. Larry explains the economics of huge goverment and public deficits and how it leads to hyper-inflation. We may be headed for another great depression.

Day of Reckoning

In Day of Reckoning, Pat Buchanan reveals the true existential crisis of the nation and shows how President Bush's post-9/11 conversion to an ideology of 'democratism' led us to the precipice of strategic disaster abroad and savage division at home. Ideology, writes Buchanan, is a false god that seeks vainly to create a paradise on earth. While free enterprise is good, the worship of a 'free trade' that is destroying the dollar, de-industrializing America, and ending our economic independence, is cult madness.

Gold: The Once and Future Money

Governments and central bankers around the world today unanimously agree on the desirability of stable money, ever more so after some monetary disaster has reduced yet another economy to smoking ruins. Lewis shows how gold provides the stability needed to foster greater prosperity and productivity throughout the world. He offers an insightful look at money in all its forms, from the seventh century B.C. to the present day, explaining in straightforward layman’s terms the effects of inflation, deflation, and floating currencies along with their effect on prices, wages, taxes, and debt.