Republicans are so obsessed with ideology that, as John just noted below, they destroyed $1.1 trillion in stock value - $700 billion in value in the S&P 500 alone today. From MarketWatch:
The S&P 500 Index dropped 106.59 points, or 8.8%, to 1,106.42, with energy, financials and materials fronting sector losses that spread across all 10 of the index's industry groups.That $700 billion just came out of your and my pocket - anyone who is invested in the market probably holds a lot of the S&P stocks - these are the most widely held stocks.
The sell off is the largest percentage drop for the S&P 500 since Oct. 26, 1987. It also translates into a $700 billion loss for the day for the S&P, according to Howard Silverblatt, senior index analyst at Standard & Poor's.
Every day that passes leaves the economy in financial limbo and markets unsure. So why aren't we finished with this bailout yet? Because Republicans are ideologically opposed to this entire bailout saying they are protecting the taxpayer - well thanks to Republicans those tax payers are worth a lot less today than they were this morning.
