web analytics

Daily Archives: September 29, 2008

My $700 Billion Solution

September 29, 2008
By

I received an email from a reader late on Friday afternoon that I wanted to share with you. Below are the letter and my response. “I have questions on the bailout–and I don’t know where to find answers.  I would appreciate it if you could help explain to me–or to any reader if you want. “To start it is only fair to say I do not like the bailout proposals I have seen no matter what the merit, but based on section 8 alone–no one man should have so much absolute authority. I thought AIG was prudent (though I...

Read more »

House Rejects Bailout Plan

September 29, 2008
By

The House has rejected the government’s $700 billion bailout plan and the stock market has reacted by plunging several hundred points this afternoon. This is even as the Federal Reserve and foreign central banks agreed to pump billions of dollars into the global financial system to unlock tight lending. That did little to staunch the bleeding though as the market was down about 700 points at one moment during the afternoon. The House has pledged to get another vote as soon as possible but that may not be until Wednesday as tomorrow is Rosh Hashanah. Many politicians spoke out...

Read more »

Readers’ Thoughts on the Bailout Plan

September 29, 2008
By

Good morning! I received some great comments by email during the weekend regarding the government’s bailout plan. I wanted to share some of them with you here and if you want to read more, I’ll publish them in this weekend’s Cabot Wealth Advisory. “Why would anyone ever think that congress would come up with anything at all! They have no interest in running this country. They have seen to it that they get raises when we have a recession, ie. they vote their own raises. They have made sure of their own retirements at our expense. Congress has no...

Read more »