Posted By RichC on September 29, 2008
It was a rough day on Wall Street, but nothing like it will be if they aren’t able to pass a bill to keep money flowing in the U.S. When paychecks are no long being cashed and layoffs start occurring in full force, their will be blood. For most, the losses are currently just on paper as the DJIA closes at 10,365.45, down 777.68 points 7% drop. The Nasdaq and S&P 500 were even worse, down about 9% at the close … big numbers for those of us funding, or planning to fund, our children’s education and trying to be responsible about retirement.
The Republican minority in congress who thought they had enough votes to pass the rescue/bailout bill today, said that it was a “poisoned” partisan speech from House Leader Nancy Pelosi delivered before the vote that sabotaged the distasteful $700 Billion bill — nobody actually likes it, but most fear the outcome if one isn’t passed. The vote was 228-205 against the measure, with one member not voting. There was broad bipartisan opposition, so neither side can really complain, even though they will. More than 90 Democrats and 130 Republicans voted against the bill. (NYTime article)
blames today’s bill failure on Nancy Pelosi