Monday, September 29, 2008
The House has rejected the bailout bill, and markets have plunged. The bill was sold as absolutely essential to avert a financial market meltdown. But what if the there is no meltdown? Markets are down now in a knee-jerk reaction. But what if it turns out that the bill wasn't really all that critical? That would be almost unimaginably bullish. The next few days will be intensely interesting. I think there's a good chance we avert disaster, somehow.
Posted by Scott Grannis at 11:13 AM