Bailout fails to get majority vote, Dow drops 700
The Dow lost as much as 700 points as the markets awaited a decision from Congress on the $700 billion bailout package proposed by the Bush administration.
The bill, which began as a three page document, grew to about 110 pages inside of one week. Rightfully so, it would take a lot more than three pages to sell me on $700 billion commitment!
Just before 2 pm, Bloomberg reported a vote of 207-226 (yea vs. nay). Supporters of the bill are hoping to sway some of the naysayers while voting is still open.
Tags: $700 billion, bailout, financial markets, George BushRelated Stories
POSTED IN: Consumer Debt, Corporate, Economy, Federal Reserve, Investment, Market, News
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