Even though the Emergency Economic Stabilization Act of 2008 (aka: The Bailout) passed today, Wall Street apparently didn't rejoice that much. Not a happy Friday for them.
And considering I found out today that the apartment we were hoping to move into was rented to someone else (our application was 2nd in line), it was not a happy Friday for me either. I'm not sure if I cried more tears than those Wall Street investors did, but it's possible. At the end of the day, we've both changed into our jammies and headed to bed.
Ah, such is life. We'll find another apartment eventually. Hopefully.
As for Wall Street, I don't know what I hope for them. I'm definitely hoping that the CEOs of the companies that are getting bailed out don't end up with nice compensation packages, but I'm not betting on it.
Unlike them, who seemed to have bet a great deal and are just now realizing the catastrophe of their risky behavior.
Other than our 403(B) retirement fund taking a big hit, we haven't lost much in the credit crisis. Thankfully the bank that we are using for our construction loan is doing just fine. No troubles for them mean no troubles for us. It's still uncertain times though. I can't quite figure out if this bailout is really going to help. Certainly, on a psychological level (which is largely what keeps our banking system working anyway) it's helpful, but beyond that...well...it could just be that not only are we going to lose, but we're going to lose big (an interesting link here for an article from Slate).
What say you, my fellow Americans?
Right now, the answer is probably "maybe," but either way, $700 billion is a lot of money. Thankfully, my faith is not built on financial institutions, and my hope doesn't rely on investors. Good thing too.