The news of the fail bailout bill had sent a shockwave through financial systems around the world, Nikkei stocks fell 6% again when the news announced that the bill received 52 Yes over 35 No, of which they needed another 8 (60) to pass the bill. Subsequently, the repercussions of this news will reach Europe, Asia and everywhere else. Stock markets will feel the pain, properties will further devalue etc.Now, here's a question. The deferment of the US Senates to pass the $14 Billion bailout plan, of course would 'save' American taxpayers a good sum of $14 Billion. But how much in totality, will this single piece of bad news burn through the worldwide financial systems? I reckon it'll be far more than $14 Billion. Much more, even before calculating in the potential losses from GM and Chrysler's suppliers, distributors and the loss of job opportunities.
Its weird isn't it? That passing bills for dropping hundreds of millions worth of bombs on a foreign country that hadn't did much harm to America is easier than helping themselves saving their arses. Amazing.
