Go down the list, one by one, of the “Yea” House and Senate votes on the Debt Increase bill. (Yes, I know the title is hinky – that’s because the House played games – again – to get this passed just as it did with TARP.)
They’re the people to thank for the selloff this afternoon, which got materially worse and added volume to it as soon as the Senate approved.
Make sure you thank each and every one of them for the losses you’ve taken over the last seven days in your 401k and IRA. You were told, Americans, that passing this “borrow more to bankrupt us” would halt the slide in the market.
You were lied to exactly as you were in 2008 with TARP, which, when it passed, still left us with another huge slide before the market bottomed and resulted in a huge selloff – when it passed. It was only when Congress allowed banks to lie about asset values that the slide stopped.
Unfortunately that card has already been played and isn’t available to play again.
Since your Reps and Senators told you that the market would stop collapsing if they passed this, ask them if they’ll cover your losses – even if just today’s losses. Heh, it’s only 225 DOW points… today.
Welcome to 2008, Part Deux, where every lie that Congress tells you come with no consequence for them and there will be no apologies either.
Make sure you thank OBAMA too. You’ve just seen close to 10% come off the markets entirely due to his demand to keep spending money we do not have.
The market is now negative for the year, incidentally.
How many times do you have to lose your retirement money before you stop allowing this crap to go on?