Oh boy. The House of Representatives rejected the $700 billion bailout plan hammered out over the weekend by the Bush administration and House leaders. On news of the narrow defeat, Dow went into a nose dive.
From the NY Times:
The vote against the measure was 228 to 205. Supporters vowed to try
to bring the rescue package up for consideration again as soon as
possible.
Stock markets plunged sharply at midday as it appeared that the measure would go down to defeat.
House
leaders pushing for the package kept the voting period open for some 40
minutes past the allotted time, trying to convert “no” votes to “yes”
votes by pointing to damage being done to the markets, but to no avail.
Well, that saves the presidential candidates from having to weigh in with a vote from the Senate. What do you think? Good riddance bad bailout bill? Or WTF is going on here?
Then again, there's a silver lining for anybody still complaining about gas prices.
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Image: NY Times
