Last week Wall Street suffered its most catastrophic week of trading since seeming to hit bottom in March 2009. After losing large daily sums in five of the last six trading sessions each of the three major U.S. indexes closed on Friday with net declines for the year.

The hardest hit index, yet again, was the NASDAQ, which dropped 2.3 percent (54 points) on the day. The S&P 500 (1.53 percent, 17.27 points) and Dow Jones (1.33 percent, 139.89 points) also closed in the red. These declines culminated a week of trading that erased the gains of the previous four months.

Luckily, with the European Union and United States springing into action to stave off a financial disaster, markets on Wall Street are expected to follow global trends and surge throughout the day. The Dow Jones Industrial Average had gained a staggering 400 points within one hour of the opening this morning. If New York can maintain this pace they may easily make up for last week’s collapse, but in this uncertain environment it is hard to project.

The primary motivation for this huge boost on U.S. and global stock markets, according to Bloomberg News, is a $960 million loan plan set aside by the E.U. to save Greece and the region from a debt-induced collapse.

According to CNNMoney.com, the U.S. Federal Reserve will join the European Central Bank, and the Bank of Canada is bailing out the region and attempting to prevent a return to the 2008 crisis mode. This nearly $1 trillion rescue will likely be seen by the average person as yet another bailout of the financial fat cats.

Unfortunately, given the current state of our economy these financial fat cats are vitally important. Allowing a market collapse would destroy the wealth and savings of the American people and put this nation in an even deeper hole.

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