Though the bill may have been defeated for the wrong reasons—like the lack of freebies, giveaways, and handouts that many on the left had hoped for—the defeat of the bailout bill in the House has brought stocks out of their decent. The Dow Jones is now climbing.
But how can this be? How could a bill that was designed to save our economy, our country, and the world be the cause of the Dow’s drop today? Easy, the bill was introducing such incredible uncertainty into the market that investors were panicking.
It could also be that Wall Street—despite the recent bank closings—is still smarter than Washington. The reactions of investors suggests they realize the bill may have done more harm than good.
For more on why a defeated bailout bill is a very good thing and why the world doesn’t need saving, read John Berlau in today’s American Spectator.
Stay tuned to OpenMarket for John Berlau’s reaction to the bailout bill’s defeat. Also, check out our Bailout Watch page at CEI.org.