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.
2 comments:
This, basically is very good news for everyone and everywhere. The American free for all Capitalists have created a huge house of cards, while charging everyone to see it in way of unbeliavable profits and CEO's compensation. Never in history of the world this was done. They made no products, they built no houses, they grew no wheat, they healed no sick (made many sick)they did nothing tengible but spinned the capital and BSed everyone,. Even this Poulson guy I see right now on TV, live made countless millions in the same scheme and now he is going to save us. The economy and people will survive and the new ecnomy will be born and hopefully the lessons of this fiasco will be learned. New rules must be brought in to control this insanity of free-for-all-dog-eat-dog capitalism or hext time there will be no surviors. Since great depression every crisis seems to be worse and worse and if this one is not the same as Great depression, the next one will be. There is no way that so called American way of life would survive the Great-depression like event.
Congress will come up with the New Deal of this century that will prevent total collapse and renew the economy.
Whew...
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