BAILOUT BILL FAILS IN THE HOUSE. DOW FALLS 700.
Wow . . . . !
The House today rejected a $700 billion Wall Street bailout bill.
The vote was held open long after the allotted time had expired, with a majority already having cast votes against the bill. If those votes hold and the chamber gavels the vote to a close, the bill will die.
At 1:55 p.m., 226 lawmakers had voted against the bill and 207 had voted in favor
Stocks plunged as soon as it became apparent that the bill was unlikely to pass. The Dow Jones Industrial Average fell 700 points before recouping some of those losses and is now in negative 500 territory.
What this all means is that the stock market may fall into the abyss sooner than it would if the bill had gone through, but just like surgery, it will also help the patient get well earlier . . . at least that is what we can hope for.