Monday, September 29, 2008

Bailout Fails in House

Nancy Pelosi and Harry Reid demonstrate their lack of leadership as they fail to convince enough people in their majority party to pass the $700 economic bailout. The bill failed with 207 Yeas to 226 Nays.

During the vote the market decline 500 points, but upon the appearance of failure recovered 200 points. However, trading after the official procedural failure occurred the market continued to drop. The DOW is down 570 points at last check.

Vox Day points out the next steps he believes will soon follow:

[H]ow long will it take Wall Street to convince Washington to pull a Brussels and start the vote-until-you-get-it-right process? My guess is that since stomping their feet didn't work, now they'll try holding their breath, in other words, doing their best to bomb the markets before swooping in with another emergency plan.

Update 2:29 pm cst: Dow now down 732.

1 comment:

Anonymous said...

Bomb, baby, bomb...

Adios Wall Street. Sink all you want.