$700 Billion Bail Out Plan

The market bounced around today after the huge fall off yesterday, as stocks plummeted.  Investors will wait to see what will happen next.

After the $700 billion bailout plan failed to be passed by Congress yesterday we saw a 778 point loss, the biggest one-day point loss in history.

Even if they are to pass this $700 billion bailout plan later this week, there is still so much turbulent activity out there, which will keep a downward pressure on stocks.  Economists are forecasting a loss of nearly 104,000 jobs in September this coming Friday, and if that is the case this would be one of the biggest job loss drops in nearly 5 years.

Since the $700 billion financial bailout plan was rejected, the next steps are unclear.  It has left lawmakers scrambling around trying to figure out if they want to renegotiate the bill.

To be honest with you, I’m not exactly sure if I wanted that bill to pass either.  The reason being is that from what I have been reading and watching all over the news, there doesn’t appear to be any specific plan of action with the $700 billion.

I think that the lawmakers need to get a “plan” together first of exactly what they want to do with this $700 billion bailout, and then go back to the drawing board.

President George W. Bush spoke this morning before the stock market opened in New York and Toronto and warned that if this bill wasn’t passed.  It could send our economy into a long lasting recession. Uhhh, you think…  Imagine that. I will keep you posted as much as possible about this bailout plan.