Monday, September 29, 2008

This just in....

The House has rejected the bill 228-205. Stocks are plunging.

Update

The stock market has taken the biggest plunge in market history and is currently down 725 points. Biggest in history, folks. The percentage drop is hovering around 8%, which is in the top ten drops in market history. The credit market is frozen. People are dumping their money in T-bills with almost zero return rather than risk their money in the stock market.

Many Republicans are attributing their "no" vote to Nancy Pelosi's speech introducing the bill. I want to hurl. Dump the partisan politics, people, and STOP THE BLEEDING.

15 comments:

catmandude1962 said...

Pretty shocking. Where was John McCain's leadership when the House Republicans decided oppose this? Oh yea, he's back on the campaign trail.

gen0507 said...

Oh My Goodness!!!!!

Hollie

wwfbison said...

I know, I was on one call with my mom with two calls on hold after the news broke.  My secretary was like what is going on???  I'm hanging onto my stocks...I am not bailing yet.  Hang on to your hats, it's gonna be a wild ride.  
Lisa

eml625 said...

Oh crap !  This is pretty scary.

Ellen

markonit said...

... to be honest, I don't know if it is going to be as bad as all that ... medicine doesn't usually taste sweet ... haven't been following the news (this is the FIRST I have heard of it ..!) but somehow, there is a 'fox guarding the henhouse' feel to the bail out ...

wykdwife said...

Nice, eh? I read your previous entry on this mess. Welcome to the world of the credit tightrope. McCain can own this for taking credit this A.M. for passage and his part in it before it came up for a vote. The House Republicans can drop dead with their blaming Pelosi because they can't have their altruistic free -wheeling market. Pfft. Obviously the market isn't correcting itself and if their idea of some insurance nonsense for this bailout was plausible it already would have been in practice!

Regulations need to be in place and acted upon because the market can not be trusted to not operate on greed. What we got for the last years was little regulation and insane quarterly profit making. All of it because companies operate to make a profit not to supply good jobs and bennies. So when they saw a way to sort of work within the laws that existed to take every dime they could, they did just that.

Hopefully, the House Repubs will get over their hurt feelings and help put together somethiing that will rescue us all from this financial Katrina.

easteeleco said...

Voting yes were 140 Democrats and 65 Republicans. Voting no were 95 Democrats and 133 Republicans.

Based on your entry and the comments received, I thought it was JUST the republicans that voted "no".  Seems they had plenty of democrat company.   Estela

blossomcat said...

It is a good time to buy, if you have any money left !!!!

Claudia

chat2missie said...

Even though I'm a Republican, I'm very disapointed in the Republican party for not passing this.  I guess Kevin and I just lost another couple thousand from our 401K today.......:(
Missie

dbdacoba said...

A plastic garden.  Hmmm.  Sounds adventuresome.    D

indigosunmoon said...

Agreed!!!!!
Connie

lisawesmalayna said...

The Bad News Bear and the Bull $#i+ in politics!
"Can't we all just get along?"

Wes

geocachelinda66 said...

Time to start stockpiling goods!  I know my credit is in the toilet now and will just keep getting worse!  Linda

queeniemart said...

thank God i cashed in all my stocks last week that are not tied up in my 401K and got that check on Monday. I am beyond sick of this election, all the BS and all of this mess. And those who got the economy to where it is, well, what do they care. They are still rich and want to be bailed out.
XO

slapinions said...

Nonpartisan opinion: I'm no longer sure a bailout is a good idea. I've been reading up on it and I'm now on the fence.  I'll have to look into it more today before rendering a verdict and figuring out what outcome to back.

Dan