Oh dear
House defeats bailout plan
The House on Monday defeated a $700 billion emergency rescue package, ignoring urgent pleas from President Bush and bipartisan congressional leaders to quickly bail out the staggering financial industry.
Stocks started plummeting on Wall Street even before 228-205 to reject the bill was announced on the House floor.
As the vote was shown on TV, stocks plunged, and investors fled to the safety of the credit markets on fears that the financial system would keep sinking under the weight of failed mortgage debt.
The Dow fell 705 points, then regained some ground to trade down 462 at 10,681.
1 comment:
In the USA today, we are witnessing the failure of the Conservative ideology. Massive deregulation, cutting taxes, boosting spending on no-bid military contracts, and massive waste. What we are seeing today is the result of 8 years of this philosophy. (If you want to go all the way back to Ronnie Raygun, he started with the massive deficits run up in the 1980s). This is what is in store for Canadians if Stephen Harper wins total power in this election. His ties to neo-con think tanks make him a dangerous threat to our economic security.
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