The Treasury wanted 800 billion to prop up ailing banks, and Nancy Pelosi couldn't seal the deal. She herself, personally, screwed the pooch so completely that the blame for this debacle should fall on her.
Then, declaring it a crisis, Congress recesses till Thursday.
I can see my boss, the Sheriff, in an important meeting. "We're in a crisis, ladies and gentlemen. Take off two days and come back on Thursday morning."
Pelosi is an idiot. One third of her party voted against her. She's so pathetic that she couldn't get her own people behind her. The Democrats are in the majority, remember? If she could lead, she could do anything she wanted.
And now I understand that Treasury is going to pump 630 billion dollars into the ailing banks anyway. What did they need Congress for?
The Dow, on news of Pelosi's screwup, fell 777 points. Which is to say, not even 10%. If the Dow had been at 5000, then 777 points would have been something to worry about. But it's not. It closed yesterday over 10,000 which five years ago was considered Fairy-Tale land. If the Dow had lost 4000 points yesterday, that would have been a crisis. A drop of less than 10% is only a blip.
This won't be a crisis until it starts looking like a crisis.