The huge rescue/bailout bill (PDF text)was signed into law this afternoon after passage by the House. Hopefully the positive features (FDIC insurance extension, accounting rule change, aid to credit market, etc.) will outweigh the pork and whatever hidden whoppers were included in this 'sausage-making' process.
Meanwhile, the stock market took another dive after the bill was passed. I don't know whether that says more about the federal legislation itself or about the state of Wall Street today (or about my limited knowledge of finance). I don't know if the biggest problem on Wall Street is greed or its flip-side, wimpishness. We've heard so much about "nervous" investors and bankers. It's time for them to step up and take some risks for the good of themselves and the country.
Finally, some on the left wishfully express the opinion that this rough economic period marks the decline of the free enterprise system. Nothing could be further from the truth. Free enterprise thrives in many different ways, but this week saw a historically significant advance thanks to Elon Musk and SpaceX with their successful launch to orbit. The frontier is opening wide.
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