House bails on bailout bill and stocks plummet
The House said "Oh, hells no" to coughing up $700 billion to bail out Wall Street. The bill would have given the U.S. Trasury a $700 billion line of credit to buy the bad mortages, securities and financial assets that are undermining the security of the U.S. economy and threatening to send the country into a recession.
The final vote was 228 to 205 against passing the bill. Members of both parties voted across parties lines.
When it started looking like the bill wouldn't pass, the Dow fell by as much as 700 points. If you don't follow the stock market, all you need to know is that's not a good thing.
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I don't think the Dow fell because it looked like the bill might not pass. Because when it eventually did pass, did the Dow skyrocket upwards? No. The reason the Dow is in freefall is because investors are terrified that Obama is going to nationalize banks and lending institutions, which will be disasterous for the investor. (For that matter, the mortgage bailout bill and the stimulus bill will be disasterous for the country.)