Bailout already hurting average Americans
The multi-billion dollar government bailout of several irresponsible companies is already having a negative impact on average Americans in the form of high oil prices and a weakening Dollar.
NEW YORK - Oil prices spiked more than $25 a barrel Monday — the biggest one-day price jump ever — as anxiety over the government’s $700 billion bailout plan, a weak dollar and an expiring crude contract ignited a dramatic rally.
Still, the rally, which shattered crude’s previous one-day price jump of $10.75, set June 6, showed the intensity of emotion in the market. The Nymex temporarily halted electronic crude oil trading after prices breached the $10 daily trading limit. Trading resumed seconds later after the daily limit was increased.
In addition to spiking oil prices, the U.S. Dollar weakened even further on news of the bail out.
The 15-nation euro rose to $1.4807 in afternoon trading, up from the $1.4470 on Friday. A weak greenback was a catalyst for the commodities boom of the past year, and analysts said large investment funds were expected to pour money back into the sector.
Like I said last week, the U.S. should be ashamed.
2 Comments »
WHAT NoVA BLOGS HAVE TO SAY ABOUT THE FINANCIAL MESS « Citizen Tom Says :
September 27, 2008 at 12:33 am
[...] Progressive is speaking out adamantly against the bailout (see here, here, here, and here). Too Progressive apparently thinks the financial bailout is nothing more than an [...]
Too Progressive » Bailout bill fails in the House Says :
September 29, 2008 at 5:27 pm
[...] plunged on news that the bailout package had been defeated. Remember last week how they saw their biggest one day climb ever? Yeah, I stand by what I said about this whole bailout thing being a complete [...]
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