Stock Market Information

If you’re following the stock markets, expect a serious rally today. It appears that both Republicans and Democrats have come across the isle to approve the $700 billion bailout of the financial sector. Whether this will ultimately prove to be helpful or hurtful to the economy long term remains to be seen, but it’s widely expected to pass once it hits the Bush administration:

The bipartisan consensus on the general direction of the legislation was reported just hours before President Bush was to host presidential contenders Barack Obama and John McCain and congressional leaders at the White House for discussions on how to clear obstacles to the unpopular rescue plan.

One has to wonder how the ballooning federal deficit will impact the value of the dollar in the coming years. This is especially true given the $400ish billion over budget that the government is already running. Questions have been raised as to the true cost to taxpayers, but it appears that immediate action needs to be taken to prevent a complete melt down similar to the great depression. Ramifications may remain down the line, but it appears we’ll have to wait and see just what they entail.