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Posted by on Sep 29, 2008 in Economy | 1 comment

American Taxpayers’ Revenge?

With plans for the biggest rescue of Wall Street since the Great Depression in tatters, the Dow Jones industrial average of shares dived almost 800 points, losing 7 per cent of its value, reports The Times. “It was the worst one-day points fall and the worst percentage fall since Black Monday in 1987.

“American taxpayers, who will elect a new president in five weeks’ time, have hated the bailout from the beginning. Already struggling with rising unemployment, collapsing property prices and the rising cost of living, many resented having to bail out Wall Street bankers. The plan would have cost each taxpayer more than $5,000.

“The financial system lurched closer to a catastrophic breakdown last night after the US Congress dramatically rejected a bailout plan designed to restore confidence to paralysed banks.” More here…

Here is the chronology of the US financial crisis…

At the Huffington Post, Dean Baker says that “at this point I cannot identify a single good reason to do the bailout…” More here…

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