Bailout defeated - fearmongers rebuffed

Posted by Marty Jensen

The news media carried the story today that the bailout bill has been defeated in the House of Representatives, 228-205.

News media such as the AP reported that the "stock market plunged." Plunged? How far is that? From their own report:

"The Dow fell 777.68 points, just shy of 7 percent, to 10,365.45, its lowest close in nearly three years. The decline also surpasses the record for the biggest decline during a trading day — 721.56 at one point on Sept. 17, 2001, when the market reopened after 9/11."

Although the Dow today fell by more points than it did in 2001, it fell less in percentage points: The Dow fell 7.1% in 2001. Did the world come to an end then? No, and it won't now.

I for one won't sell out my constitutionally protected freedoms for some financial "emergency." We will always have emergencies. We must hold fast to the one document which provides a sure foundation in a shaky political and economic world--the Constitution.

This entry was posted on Monday, September 29, 2008 at 7:18 PM . You can follow any responses to this entry through the comments feed .

2 comments

I agree. We don't need this shoved down our throats because the media is crying wolf. We need to look at it rationally. I'm glad it was defeated and I'm glad that it's not going to get looked at again for a few days. We need to let the sensationalism die down before approving one of the largest government acquisitions of private property.

September 29, 2008 at 8:10 PM

Well said, Lucky!

September 30, 2008 at 7:11 PM

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