Well, well, well. Congress refuses to pass a massive tax-payer bailout of Wall Street and politicians and the media lose their minds... The market goes down 777 points. The media tells us this is the single worst loss in Wall Street history. But what they DIDN'T say was 777 points in 2008 ain't the same thing as twenty years ago.
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In other words, the market was only down in real terms about 6 1/2 percent...or the 17th "worst" day in market history.
We were told, "See, see! The market's down by a record...over 1 trillion dollars of wealth was eliminated...more than the bailout would cost...because we didn't pass it!" Well.
So what happens the day after the "panic"? The bargain hunters ruled the roost and the market closed UP almost 500 points. I wonder if they will tell us that today's gain was the THIRD best ever, (judging by the same standard [6] as they reported yesterday's loss)...or just that it was up 4 1/2 percent.
So will we now hear on the evening news that over 3/4's of a trillion dollars of "wealth" was regained today??
I'm holding my breath. Call E.M.S.
