The stock market was hoping for good news today regarding the bailout bill. When the House of Representatives voted down the proposal which had support from only 60% of Democrats and 30% of Republicans, the Dow Jones Industrial Average, S&P 500 Index, and the price of oil dropped sharply.
With pressure from the Executive branch, I figured the Legislative branch would fold as quickly as they did with the PATRIOT Act when the immediate threat was terrorism rather than economic crisis. It should be interesting to see how this plays out, but I’ll try not to look at my investments until then. Perhaps I’ll use sharp downturns like today as buying opportunities.
Updated September 17, 2011 and originally published September 29, 2008. If you enjoyed this article, subscribe to the RSS feed or receive daily emails. Follow @ConsumerismComm on Twitter and visit our Facebook page for more updates.