One thing that struck me in the aftermath of this debacle, was I heard more than once that if the bill passed they "hoped" it would get us out of this mess. They were willing to spend 700 billion dollars of our money on something they "hoped" would be a cure all. So, apparently even those that voted for it weren't all that sure. It seems to me they were saying, we've got a helluva mess here, let's do something even if it turns out wrong. Not exactly rocket science to me.

I believe something will eventually pass. Listening to a couple of folks who voted against the bill, if a couple of key provisions had been inserted in the bill they would have voted for it. So, I don't think it's over yet. If the market tanks, so be it. The real disasters will be the companies that are overpriced based on their actual value. At one time long ago,
I used to dabble a litttle bit in the market and one of the basic things I learned was PE value, or price to earnings. There was a formula that had stood the test of time about what a stock was worth based on its earnings. Just like the Dot Com bust, companies were overvalued and selling for ridiculous prices that hadn't even made their first dollar yet. It was all based on potential. Well, maybe it will get back to earnings now and a stock will be invested in based on what it has earned.

Regardless of whether something is passed or not, I think we are in for a long recession at least until 2010. Our economy is in a mess, gas prices and groceries are out of sight, unemployment is up, retail sales are down and bailing out a few failing banks ain't gonna solve that problem. I don't think either one of the candidates running for President is capable of solving the problem. We have a weak President, an inefficient Congress and two candidates that aren't ready for the job. It don't look good.

Last edited by Roy Harris; 09/30/08 12:51 AM.
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