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UPDATED: Our tax dollars at work! | by Todd Barnard
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UPDATED: Our tax dollars at work!

So what was that $700bn for again?

 

UPDATE: CNS News asks the same question

 

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Stock Market Has Fallen Steadily Since Bailout Bill Signed

Monday, October 27, 2008

By Matt Cover

 

The U.S. stock market has lost 1,417 points--a decline of nearly $3 trillion in value--since President Bush signed into law a $700-billion financial industry bailout bill that was supported by both the Republican and Democratic presidential candidate

 

When Bush signed the bill Oct. 3, the New York Stock Exchange (NYSE) Composite Index was valued at $14.3 trillion, closing at 7,088 points. The Composite Index, unlike the Dow Jones Index, is a look at how all stocks in the market are faring.

 

Over the last 14 trading days, the market has lost 1,417 points, worth nearly $2.9 trillion in value--roughly $214 billion per day. As of Thursday, Oct. 23, the market had fallen to 5,671 points, worth $11.4 trillion. By the close of the market on Friday, the index had fallen another 244 points, to 5,427--with the new estimate of total value not yet available

 

The financial sector, which Treasury Secretary Henry Paulson indicated was intended to be the primary beneficiary of the $700 billion package, has suffered the greatest losses of the three major sectors tracked by the NYSE. Since Oct. 3, financial sector stocks have lost nearly 1,500 points--a decline of $843 billion in value.

 

Prior to the bill becoming law, stocks in the financial sector were worth $3.2 trillion. As of Thursday, financial stocks were worth $2.4 trillion.

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source: www.cnsnews.com/public/content/article.aspx?RsrcID=38140

 

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Taken on October 22, 2008