It was a week ago that the Drudge Report ran with its doomsday red font about the stock-market meltdown with clear implications that the failure of the $700,000,000,000 “bailout” plus pork, pork, PORK bill was responsible for a (then) record-setting selloff. Headlines included:

  • THE VOTE: 228 NAY; 205 YEA…
  • STOCK MELTDOWN ON BILL DEFEAT…
  • FRANK SAYS ‘REPUBLICANS KILLED’ WALL STREET BAILOUT…
  • -777.68 (-6.98%)…

Not to pick on Drudge; this was the script last week: See? the market needs the bailout bill! Listen to the market!

Although there were many who interpreted the markets quite differently; among them, Dr. Roy Cordato, who noted upon the “surprising” (to the government-bailout-NOW scriptwriters) rebound the next day:

The Dow is up 490 points, the price of oil is down below $100, and the dollar is strengthening. Yep, things sure are falling apart. The amazing thing is that the performance on the stock market today is being attributed to talk of a new bailout deal. Gee, it couldn’t possibly be that on sober reflection there’s some relief that the old deal failed, could it? Or maybe a sense that the Bush/Paulson scare mongering is just that? Time is on the side of freedom. The politicians know that they have to “fix” this thing before it fixes itself and they end up with egg on their face.

And today, the first day for the markets to react to the passage of the bill Friday? Well, to get a sense of what a glorious “rescue” it’s been, here are some of the current headlines on the Drudge Report, and would you believe they’re in the doomsday red, again?

  • DOW PLUNGES RECORD 800… [this is in flashing red font]

  • STAMPEDE AT NBC: Jim Cramer warns investments could lose 20% of value…
  • FLOOD AT FED: Doubles Cash Sales to $900 Billion…
  • GOODBYE, 10,000