Stock plunge continues

October 7, 2008 1:08:47 PM PDT
Are we now to believe that the market would have been WORSE had Congress not passed the bailout plan? Wasn't this rescue plan supposed to calm the stock market, ease credit and prevent the further collapse of the economy? Maybe I missed something when I was on vacation, but, at least so far, it doesn't seem to be working.

Of course, perhaps that's because we now discover that it will be several weeks before the money from the $700 billion bailout actually makes its way into the system. And that the government will have to hire private managers to administer the funds - which means the wolves, I mean the entrepreneurs, will be lining up with their hands out -- I mean they'll get management fees.

Rudy Giuliani is reportedly among those willing and eager to help the government, for a fee.

Ain't America grand?

If this turns out to be another cry-wolf, weapons-of-mass-destruction-are-in-Iraq situation, then the natives here will be more than restless. There are already millions of people who were totally distrustful and skeptical of this bailout. If it turns out to be another taxpayer-funded boondoggle, there will be more than idle I-told-you-so's out there. At least that's my read.

And as we hear of executives getting millions of dollars, even as their failing companies were pleading for federal assistance - well, that's not going to go over very well either.

We'll have the latest on today's big sell off on Wall Street, and the ongoing economic crisis, tonight at 11.

And our Jeff Pegues will be chatting with a financial analyst and taking your questions, tonight. Please, if you have questions - and who doesn't? -- click HERE and we'll pass them on to Jeff.

Also at 11, maybe you've noticed the tie-ups at the Lincoln Tunnel recently. Three incidents in the past month have shut down the tunnel and brought traffic to a standstill. All involve someone plutting a bottle filled with liquid in the tunnel - and authorities shut down everything after they found it.

The latest was last Friday, when, it turns out, a Snapple bottle was found. Snapple.

The folks who work at the tunnel claim that cutbacks have hurt workers' abilities to keep their eyes on these security infractions. Our investigative reporter Jim Hoffer is on the case for us, tonight at 11.

We'll also have any breaking news of the night, plus Lee Goldberg with his AccuWeather forecast, and Scott Clark with the night's sports. I hope you can join Liz Cho and me, tonight at 11.