Yesterday, in anticipation of it’s passage, I wrote a blog explaining the Emergency Economic Stabilization Act. (Click here to read it. Please. I spent a long time on it.) A little bit later, a minority of Democrats and a majority of Republicans voted the bill down in the House of Representatives. In reaction the Dow dropped 777 points, it’s biggest fall… ever… in a single day. Now Congress is heading home for Rosh Hashanah, the Jewish new year, which is apparently the most important thing they can be doing with their time right now.
We are in the deep water here, and it’s getting colder. Not to be a Cassandra, but every day that goes by without something us doing something about this is another day of coughing up blood without going to the hospital. It’s not a heroic stance against an unjust law… it’s a dumb stance against a painful law. Opponents deride the bill as being Socialist, which is true. But that’s taking an ideological stance against a practical bill. It’s refusing the life raft because it’s dark pink instead of red, and choosing to drown instead.
Next week I promise to avoid talking about anything financial or business related. Maybe I’ll tell you all about my new fish bowl.