"You tell me your precious markets will melt down without this? Why do I care? Your stock market can go to goddamn zero on Monday, and then you can come down here with me to find out how it feels not to be able pay the bills. More than half of Americans have no stake in these markets, no savings at all; and there is a political price to be paid for extreme inequality of income."
--Mortgage broker and syndicated columnist Lou Barnes on Friday, discussing the attitude many working class Americans have about the Bush administration's proposal to borrow $700 billion to buy troubled assets from banks and financial institutions.
The Dow fell nearly 800 points today after the House rejected legislation that would have implemented the plan (see Inman News story).
It was the biggest one day point drop in Dow history -- the index fell 685 points on the first trading day after the 9-11 attacks -- but the 7 percent decline didn't equal the 20 percent plus drops seen on "Black Monday" in October 1987 or the 1929 crash.
