The Economy Is “F” ed Up
Monday, September 29th, 2008
Democrats and Republicans on Capitol Hill immediately blamed each other for the failure of a $700 billion bailout package in the House on Monday.
House Minority Leader John Boehner, R-Ohio, said there would be no revote on the bill on Monday because members had left the Capitol.
It was unclear in what form the congressional leadership would bring the bill back to the House floor.
The stock market immediately dipped hundreds of points after it became apparent that the bill would fail. The Dow closed down 777 points at the end of trading Monday, a record plunge.
The package, which was backed by both the Democratic and Republican congressional leadership as well as President Bush, failed in the House by a vote of 228-205.
Nearly 60 percent of Democrats voted for the bill, while about a third of Republicans supported it.
Source: CNN
Stocks Crushed
Approximately $1.2 trillion in market value is gone after the House rejects the $700 billion bank bailout plan.
Stocks skidded Monday, with the Dow slumping nearly 778 points, in the biggest single-day point loss ever, after the House rejected the government’s $700 billion bank bailout plan.
The day’s loss knocked out approximately $1.2 trillion in market value, the first post-$1 trillion day ever, according to a drop in the Dow Jones Wilshire 5000, the broadest measure of the stock market.
Source: CNN
