Like John McCain, I’m on record admitting that I have no clue what the remedy is for curing what ails Wall Street and for preventing its contagion from infecting markets all over the world. Unfortunately, everybody else seems equally clueless.
Because experts assured us that markets would react favorably if the US Congress passed the $700 billion bailout plan. Yet, even though Congress finally passed it on Friday, capital markets – from New York to London to Moscow and Hong Kong – all suffered devastating losses yesterday.
Now what?!
Not to mention that states, led by California, are now lining up to ask Congress for billions in financial bailouts as well. Or that other countries, like Germany, are now launching bailout plans in a desperate hope to rescue their ailing economies.
God help us!
NOTE: You might be interested in reading a revised version of my commentary (from a Caribbean perspective) on the recent O.J. Simpson verdict, which was published today at Caribbean Net News: click here.
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