The Bailout That Wasn’t! An Expert Tells Us Whether or Not to Panic

ind.jpgSo in the midst of our Googling the local soup kitchens (kidding! our bank account, such as it is, looks very much the same as it did 10 days ago, i.e. small..but it’s always good to be prepared) we thought now might be a good time to check in with our numbers man, Clusterstock‘s John Carney.

We know he told us the other day not to get freaked out by the very unnerving headlines in the New York Times. However! After a glance at today’s homepage we decided it wa a good idea to check back in with him to see whether now is the time to start panicking.

Despite what you may have been lead to believe by the panicked coverage about our financial health, the world did not end today when the House of Representatives defeated the bailout by a dozen votes. Wall Street is panic stricken. The bond market and the stock market took vicious turns but the bottom did not drop out as many expected. Armageddon is not here. Don’t take your guns to town, leave your guns at home. In truth, a dozen votes isn’t so far off. Both parties are signaling that they will get around to passing a bailout.