Monday, September 29, 2008

HOUSE REJECTS BAILOUT - STOCKS PLUNGE

CNN: Largest stock point drop in history: -777.68.

Dow off 7%, NASDAQ off 7%

S&P 500 off 8.75%: Investments, mutual funds, 401(k)s. People who have retirement plans invested with the market will lose money because of this drop, and continuing drops until the market "stabilizes."

How the Bailout failed.

Vote: Yea: 205, Nay 228. D: 140Y/95N. R: 65Y/133N. Here's the Rollcall.

House Republicans blame Pelosi's speech. But there were defections in both parties.

And: across the pond, the fear and chaos spreads: bank bailouts in Europe, including Britain, Belgium, Netherlands, Luxembourg.

UPDATE 4:50pm: Comrade Paulson speaks: "I will continue to work with our legislators to find a comprehensive plan. We've got much work to do."

"Businesses and families feel the credit crunch."

"Need to work as quickly as possible. As soon as possible."

"Our banking system is holding up well, considering the circumstances."

(BTW, he referred to Wachovia as a "failure" during remarks. Mistake?)

Comrade Paulson took five questions, and bailed himself. Lots of work to do.

5 comments:

matt s. said...

Largest in points, not in percentages. Didn't even trip any of the markets' circuit breakers, unlike the 800 point rally they engineered a week ago.

Equal and opposite reaction this is.

Brooklyn Bob said...

First time there was a $1 Trillion loss of capital in one day.

Anonymous said...

4.2 Trillion for the year.

Can't wait to see what happens tomorrow. Not a good type of suspense.

matt s. said...

Yeah, a trillion here a trillion there, pretty soon yer talking real money...

Anonymous said...

I lost 12K today alone. Small retirement account of $200K.

Anybody else?