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Monday, October 06, 2008

Martial Law?

Last Thursday, Rep. Brad Sherman (D-CA) accused bailout proponents of using extreme fear appeals to sell the rescue package. This is from The Congressional Record October 2, 2008:
The only way they can pass this bill is by creating and by sustaining a panic atmosphere. That atmosphere is not justified. Many of us were told in private conversations, if we voted against this bill, that, on Monday, the sky would fall and that the market would drop 2,000 or 3,000 points the first day and another 2,000 the second day. A few Members were even told that there would be martial law in America if we voted ``no.'' That's what I call fear mongering--unjustified, proven wrong.
Hat tip: Kathy G, who has a video link.

On his website, Sherman adds this:
In order to pass the Bill, Wall Street declared that unless they received $700 billion in unmarked bills, the Dow would drop by 4,000 points and blood would flow in the streets.
Despite the fact that bill was passed and signed into law, the Dow dropped 3.8% today (360 points). At one point, it was down nearly 8%, so the final number indicates a late rally. Keep in mind that this was the first full day of US trading since the bailout passed.

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