OT................IMO, it was good that the "bailout" was voted down today...The American people don't want to give $700 billion to Secretary Paulson to buy a bunch of bad loans(with litte oversight)...The House knew how unpopular it was, so they voted it down....There is talk of an alternative plan for the govt to make loans to the banks, freeing up credit, while giving them time to handle the bad mortgages/loans(a "workout", not a "bailout")...Also, doing away with the "mark to market" accounting method, which is undervaluing the paper...
If we get a good plan,(good for american taxpayers, and to free up credit) that is voted in by end of week, confidence will be restored in the markets... and start shopping for bargains, including ALDA....If the Paulsen plan goes through(or worse), look out.......All IMO....
