UPDATED: So much for fiscal responsibility:
Mother of all bailouts: $85 billion to AIG
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FoxBusiness reports on the Dow’s 504 point plunge.
Peter Boockvar, equity strategist at Miller Tabak, says:
As awful as Lehman is, it’s not enough to bring down the financial system. It’s one step closer to cleansing the system but… the collateral damage will continue to cause a lot of pain through next year.
Andrew McCarthy at NRO writes:
If fiscal sanity is to be restored, Treasury’s decision was urgently necessary. For the economy’s long-term health, buyers and sellers, borrowers and lenders, transacting parties have to understand that they are responsible to their own behavior.
Imagine that. Personal and fiscal responsibility. Doesn’t sound like something Washington bureaucrats will want to pursue over the long term. I hope I’m wrong.
Politically, John McCain appears to be proactive concerning today’s news, which is good strategy on his campaign’s part.
