Stocks Tumble as House Votes “Nay” on Bail Out Plan

by wildcherry on Monday, September 29th, 2008 | Business, News, World

Bail Out deal fail

The Dow Jones Index down 777 points and Nasdaq fell more than 199 points (10%) while everyone in disbelieve that the House of Representatives choose “Nay” on the Bail out.
At this time i write the article, the vote is 207 “Yes” and 226 “Nay”. The votes still open meaning that anyone can switch their votes. But the number has been stuck at 207 for a while so we might as well starting to accept that this plan won’t go through. The majority of the “No” come from the Republicans party which only 66 members agree to the bail out plan.

Here’s the detail news report from reuters

“NEW YORK (Reuters) - Stocks extended losses on Monday, with the S&P 500 down more than 7 percent, on fears the U.S. House of Representatives was going to kill the $700 billion bailout bill as the vote came down to the wire.

The Nasdaq fell more than 6 percent. The bailout plan would have empowered Treasury to mop up bad mortgage debt from banks’ balance sheets to get them lending again.

Stocks were already lower on the day after Wachovia Corp became the latest major U.S. bank to succumb to the global credit crisis when it agreed to sell most of its assets to Citigroup.”

Click here for the rest of the story from reuters

MSnbc story

Stocks tumble as bail out plan fail

Bail out Bill fails

Related posts:

Tags: bailout, bailout plan details, bailout plan fails, bailout plan vote, bailout roll call, bailout vote, c span, congressional record, cspan, cspan.com, cspan.org, house vote, hr 3997, hr 7175, united house senate, us house, us house of representatives, us house of representatives members, wachovia buyout, wachovia securities

7 Responses to “Stocks Tumble as House Votes “Nay” on Bail Out Plan”

1
nate Says:
September 29th, 2008 at 12:39 pm
owww noo… I was not expecting this!
2
wildcherry Says:
September 29th, 2008 at 2:39 pm
Poor Paulson…has to try to satisfy both parties
3
wildcherry Says:
September 29th, 2008 at 2:50 pm
http://www.cnn.com/2008/POLITICS/09/29/campaign.wrap/index.html

Obama critizes congress
4
nate Says:
September 29th, 2008 at 3:39 pm
and as expected…
Approximately $1.2 trillion in market value is gone after the House rejects the $700 billion bank bailout plan.
http://money.cnn.com/2008/09/29/markets/markets_newyork/index.htm?cnn=yes
5
nothingness Says:
September 29th, 2008 at 6:02 pm
It’s time to really see the DEEDS and not just the SPEECHES. Vote wisely in this election. Really look at the programs and not just the promises. Who is really bringing changes and who is just continuing the current policies. Look carefully as people might say that they bring changes but the end of the day their policies are just TOO familiar.
6
bintangkecil Says:
September 30th, 2008 at 2:28 am
I wonder who did not vote .. hahaha .. -1
7
wildcherry Says:
September 30th, 2008 at 2:29 am
Bintang Kecil,
You can see who didn’t vote on the “Final Vote” Link