Bailout Dies In House, Vote To Reconsider Coming, Market Crashes
With a vote of 207 to 226, the House of Representatives has bailed on the bailout bill. Well, wow! Republicans were 132 to 66 against; Democrats were 141 to 94 in favor. Of course, the Dow immediately began plunging-it recovered slightly a few moments later, but JESUS. The House is entertaining a motion to reconsider; this is grandstanding so that people can change their votes and say "I held out for you" to constituents. They will use the massive Dow drop-of 700 at one point-to make the case that they had to vote for it. It will most likely squeak by.
For those that were doing things, lemme tell ya, it has been a riveting morning in your House of Representatives, which just went down in flames. Everything looked so simple and carefree! Barney Frank, the genius wit of our time, said he wishes this bill were better, and he also wishes he could "eat more and not gain weight." Then the floor had a Boehner! Take it away, John Boehner, Republican from Ohio. "Nobody wants to vote for this!" Ha but? "Think about what happens if we don't pass this bill!" Um, you tell me? "I didn't come here to do this! I didn't come here to vote for bills like this!" So this chatshow started three hours ago, and it was longer than Good Morning America and twice as boring.
--MORE--
Stocks Crash As Financial Bailout Plan Fails To Gain Approval
September 29, 2008 2:12 PM EDT
U.S. equity markets are under heavy pressure mid-day after the financial bailout failed to gain Congressional approval.
The vote in the House was 205 for and 228 against.
Currently the Dow is down is down 580, The Nasdaq is down 148 and the S&P 500 is down 80. The Dow had been down 700 points.
For those that were doing things, lemme tell ya, it has been a riveting morning in your House of Representatives, which just went down in flames. Everything looked so simple and carefree! Barney Frank, the genius wit of our time, said he wishes this bill were better, and he also wishes he could "eat more and not gain weight." Then the floor had a Boehner! Take it away, John Boehner, Republican from Ohio. "Nobody wants to vote for this!" Ha but? "Think about what happens if we don't pass this bill!" Um, you tell me? "I didn't come here to do this! I didn't come here to vote for bills like this!" So this chatshow started three hours ago, and it was longer than Good Morning America and twice as boring.
--MORE--
Stocks Crash As Financial Bailout Plan Fails To Gain Approval
September 29, 2008 2:12 PM EDT
U.S. equity markets are under heavy pressure mid-day after the financial bailout failed to gain Congressional approval.
The vote in the House was 205 for and 228 against.
Currently the Dow is down is down 580, The Nasdaq is down 148 and the S&P 500 is down 80. The Dow had been down 700 points.