U.S. Bailout Fails and the Stock Market Drops.

Well It happened. The $700 Billion dollar bail out plan got voted out today and the U.S. stock market is going down fast. The Dow Jones dropped 777 points today and oil dropped to around $95 a barrel. The most it has ever dropped in one day. I guess the people who actually made this mess will have to try and bail themselves out instead of depending on tax payers. The tax payers have already given $900 Billion previously to bail out the big wigs. That's ridiculous!

The corporate world depends on credit for their day to day operations. What ever happen to spending what you have? Our whole economy is like that and nothing lasts forever I guess. It's that same as personal finance. You have to spend less that you make. That just doesn't seem to happen in the business world. As soon as things start going good, businesses borrow more money and expand, instead of waiting until they can afford to pay for expansion themselves. These people just borrow, borrow, and borrow. Then they ask the taxpayers to bail them out and pay for thier debt? No. There has to be consequences for the people doing the borrowing or this sort of thing will just keep happening!

Markets all over the world are dropping because of this. Our markets will drop too but it won't bee near as bad for us. We probably will go into a recession though. Oh ya, and the Toronto Stock Exchange dropped by 840 points. Some economists are saying this will be like the great depression. If that happens we will defiantly hit a recession. Probably a big one. I'm gonna say that China will become the new super power sooner than I thought.

Life as the U.S. knows it has just changed folks (and for Canada to some degree)! I've already called my Mother to tell her to take all her money out of U.S. Stocks before things get worse.

I feel real sorry for the "average" American. Jobs are going to be lost, along with retirement funds and investments.

Remember this day! Sept. 29, 2008. Black Monday!

At least the millions of Homeless people that the U.S. produces shouldn't be affected too much.

We really need to think if we want people who save money in our government, or people who spend it all. Before Bush came into office there was a surplus in the U.S. for a number of years. He took care of that in 2 years.