« What is Pre-emptive war? | Home | Strong Medicine: What’s Ailing the FDA? »
America is a nation built on money
By News Desk | September 30, 2008
America is a nation built on money, capitalist through and through. How much you have, how much you make, and of course, how much you loose.
Today America is loosing, and loosing big. The precious and unstable economy is failing as politicians scramble to fix what is so obviously broken. This terrible trend is evident in the falling stock market, frozen in fear as they await the government’s next move.
The $700 dollar bailout plan, controversial and in so many minds the way to go, was never allowed to try its hand at being a proper solution. The House of Representatives lay to rest this plan with a vote of 228 to 205 against that had the Bush administrator and other supporters scrambling for the next move. This also dealt the stock market a debilitating blow.
The Dow dropped 777.68 points today, its worst single-day point loss ever.
“The stock market was definitely taken by surprise,” said Drew Kanaly, chairman and CEO of Kanaly Trust Company, referring to the House vote. “If you watched the news stream over the weekend, it seemed like it was a done deal. But the money is being held hostage to the political process.”
This not only affected America’s stocks but also that off the global community. Asia and Europe struggled in response and three European banks collapsed under the pressure.
In a capitalist society, in which we are all interconnected by our dependency on the currency, even a minor upset can dislodge countless companies and wreak havoc. As America plummets closer and closer to economic catastrophe, the world can only wait and see.
By: Landis Grenville
Topics: Discuss Amongst Yourselves |