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10/4/08

AP Spins As Stocks Continue Nosedive After Bailout

AP says "the immediate response was not promising" when stocks plunged after the first bill was rejected. They love to reminds us that. But when stocks plunged immediately after the second bill was passed, they blamed a "jump in job losses" for that 157 slide (actually it was a 500 point slide). Yea right, investors just happened to wait a couple hours to react to that report, as if it's more important than bankruptcies that have been happening, and sell-off exactly when the bailout passed the House.

Today stocks are still falling, an additional 200 points so far, and AP reports the market "holds its breath, seeing if [the bailout] will work."

Bull, Associated Press. Unbelievable.

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