Sep 30
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So, the bailout bill bit it today. 228 members of the House of Representatives voted against the 700 billion dollar economic resuscitation plan.
For the past few days, President Bush and members of his cabinet have been lobbying very heavily for this bill to be passed. Paulson and Bernanke warned of imminent economic collapse. And recently, the word “recession” has started giving way to “Great Depression.”
In the end, politics won out. It’s only 5 weeks away from the election. Congressmen have fund-raisers to attend, vacations to take… And hey, we’re not complaining…this time they actually listened to their constituents.
But investors aren’t so happy. As of 3:28pm, the DOW was down 715 points.
Source: www.wallstrip.com