In the article, $1.1 Trillion Lost sources from the McClatchy Newspapers Report. We still don’t know if the bailout is a good idea. There seems to be a debate about whether or not we needed it. There was a debate about whether or not it would work. Mainly from what we have seen and can tell, a lot of it was that people didn’t what to just give Wall Street $700 billion. Per ABC the drop in the market today translate to a loss of $1.1 trillion dollars, so in order to save $700 billion of taxpayer money; we made sure American’s just lost $ 1.1 trillion. Do you know how your tax dollars are been spent? The history of the stock market shows there are always several explanations.
“With Congress having approved a $700 billion banking bailout, historians, economists and pundits are busily debating the ways in which Wall Street's termination will filter into the popular culture.” The article claim is strong because historians, economists and pundits are busily debating the end of Wall Street's era of big spending and high living”.
Congressional approval of the government's $700 billion financial rescue plan Monday did little to lift the financial markets from their growing dejection over the obstacles still facing the economy. Wall Street ended an intensely volatile week with the Dow Jones industrials falling 157 points and the major indexes all suffering big losses.
The credit markets remained stagnant, with no immediate signs of when lending and borrowing would return to levels even approaching normalcy.