Yesterday’s market drop, the largest in history, wiped $1.2 trillion from the value of U.S. stocks. Ironically, as everyone’s now pointing out, that’s almost double the amount Treasury Secretary Hank Paulson was asking for as part of the government bailout package that failed spectacularly in the House yesterday due to some large-scale, totally embarrassing political fumbling on the part of basically everyone. In case Americans protesting government intervention still don’t understand the urgency of the economic situation, the administration thought they’d send out someone who could explain it at their level: the president. “Our country is not facing a choice between government action and the smooth functioning of free markets,” he explained, exasperatedly. “We’re choosing between action and the real prospect of economic hardship for millions of Americans. Congress must act.” Bush also added that Congress is out for the Jewish holiday today and would resume discussions tomorrow. Also, he continues to be the crappiest speaker in all of America. In the meantime, the market rallied a little in pre-market trading. At the time we were writing this, stocks had rebounded a little, oil had rebounded a lot and the Dow was up 121 points, on hopes that this can still be ironed out this week, though credit markets were still seized up. L’chaim!
