I am feeling nauseous. This crazy gyration with the stock market is almost too much to watch in live time.
The outrage is building over the nearly trillion dollar tax-payer funded bail-out of Wall Street, especially because Wall Street doesn't respond in kind.
Michelle Malkin has more on the "crap sandwich" Americans are learning to hate here.Despite widespread unease over the use of taxpayer money to salve Wall Street’s wounds, it also seems virtually certain that lawmakers will in coming months confront anew demands for even greater government activism. Critics say the new federal legislation just won’t do enough to resolve the banks’ chief problem: a crippling shortage of capital.
Already, prominent economists across the political spectrum are floating proposals that envision mammoth government spending beyond the $700 billion bailout. Among them: shuttering insolvent banks and providing taxpayer cash to those that can be saved; a temporary unlimited government guarantee of all bank deposits; or even direct financial aid to individual homeowners to ward off foreclosure.
“This act alone is not really going to resolve anything. Eventually, the government is going to have to do more,” says George Magnus, senior economic adviser to UBS in London.