Markets to Bush: No Rescue Package
It's interesting to gauge the stock market's reaction to President Bush's declaration today that "we are going to get a [Wall Street bailout] package" passed. The market slide, which began at the opening bell, hesitated but then continued, unaffected.
You can say a lot of things about Bush, but he is no Lyndon Johnson when it comes to jawboning. He appears to be the politically weakest president since Gerald Ford, or perhaps Jimmy Carter at his least effective.
A lot's been said about the rescue package's failure to give any direct relief to homeowners, so I won't add to it. The New York Times editorial today framed the issues the best. But it is cheery to see that executive compensation will apparently be restricted in some unspecified way.
© 2008 Gary Weiss. All rights reserved.