Stock Market Closes Below Monday Low: Come On Let's Have Some Hysteria!
TPMCafé (Talking Points Memo), October 3, 2008
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Okay, let's hear from all those media commentators and politicians who screamed about the stock market plunge on Monday in response to Congress' rejection of the bailout. With the market closing lower today than it did on Monday should we assume that the bailout didn't work?
Should we be screaming about the hundreds of billions of dollars lost in retirement accounts and pensions? Or was that just something they talked about when they were pushing for a Wall Street bailout?
Dean Baker is the co-director of the Center for Economic and Policy Research (CEPR). He is the author of The Conservative Nanny State: How the Wealthy Use the Government to Stay Rich and Get Richer. He also has a blog on the American Prospect, "Beat the Press," where he discusses the media's coverage of economic issues.