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Sep 29 2008 5:22pm EDT
Tech Immobilized by Bailout Failure
Kevin Maney writes: I just met with a major tech industry player, who I can't identify because of sensitive issues. But as we sat down, he was talking about the failure of Congress to pass the bailout package, and literally said, "I'm scared. I don't know what's going to happen."
As we talked, I thought one particular insight was interesting: Right now, nobody knows what any company is worth. Stocks are in such turmoil and there is so much unknown with the bailout package, that no deal can possibly be priced. So every negotiation going on in tech -- or any other industry -- is just getting shelved until this blows over. But that, of course, is part of what freezes up the economy, holds up spending, and helps create a swirling cycle of economic gloom.
The executive seemed angry at Congress, a feeling probably shared by many industry leaders. An Obama supporter, he feels this debacle in DC will -- and should -- damage McCain's bid for the presidency.
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