I'm not sure what to say about this disasterous day in the US financial system. Millions of Americans have lost thousands of dollars or perhaps even every single penny they had invested in the markets after the Dow Jones Industrial Average dropped 777.68 points, nearly 7%, or $1.2 trillion(according to a CNNMoney.com article), of its value today. Today's plummet, the largest in history, is a continuation of the financial system's meltdown which, has a long and complicated past. The huge loss is, in part, the result of the U.S. House of Representives' rejection of legislation that potentially would have assisted corporations with large amounts of troubled assets so they would be able to get more credit. This legislation entitled "The Emergency Economic Stablization Act of 2008", better known as "The $700 Billion Bailout Plan" was devised by Henry Paulson, the U.S. Treasury Secretary, and other financial personnel in the Bush Administration. With the defeat of the legislation and the huge loss on the Dow, I think no one has any idea what will happen next. I guess we'll all have to wait and see with baited breath.
It is also worth noting in this post the passing of an acting legend. Paul Newman, known for his role in "Cool Hand Luke", "The Sting" and "The Color of Money", died this past Friday (9-26-08) after a long battle with cancer at the age of 83. Not only was he a legendary and Oscar-winning actor but he was also a great philanthropist. The company that bears his name, "Newman's Own", has donated all of it's profits, more than $200 million, to various charities around the world. He will be sorrily missed.
Finally, with the financial crisis that is going on, the outlook for many in this country is bleak, but remember that there is HOPE. To quote Tim Allen's character in "Galaxy Quest", "Never give up! Never surrender!" To all of you out there, Remember to VOTE on November 4th, at least in the USA, and "Live long and prosper".
