Stocks Plummet More Than 700 Points (Updated)
The reason? The bailout appears to be going down.
NEW YORK (AP) — The stock market is plunging precipitously, with the Dow Jones industrials down as much as 700 points, as traders feared the financial bailout package would not pass the House.
As the vote was shown on TV, stocks plunged and 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.
Updated:
WASHINGTON (AP) — 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.
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republicans will take the heat for this they voted
2-1 against their own president and against their
own nominee…people across the nation who know
absolutely nothing about the financial system nevertheless
insisted that the representatives vote against the
rescue plan…this will come back to bite them in the butt
in november
The market goes up – the market goes down. You can make money bettint up OR DOWN!!! REPREHENSIBLE DEMBHOLE NANCY ‘sphincter-of-the-House-of-Fools’PELOSI saeled the doom of this flawed bill by castigating REPUBLICANTS before the vote!!! Some DEMBHOLE leader eh??? Can’t get her own STOOPID DEMBHOLES to ‘go along’ with the ridiculousness she and REPREHENSIBLE BARNEY’i-thinks-that-Freddie+Fannie-are-very-well-run’FRANK concocted for DIMWIT-DEMBHOLE groups not NOT for the good of the AMERIKAN people!!!DEMBHOLE WANKERS akways ready to blame others for their stoopidisms!!! Ha.
Did someone say, the GREATEST DEPRESSION 2008 coming soon?
Doubt that the AMERIKAN CONSUMER will stop buying-or-consuming???!!! Also there is NO great shortage in foodstuffs. So-o-o-r-ry the coming tightening and recession look nothing like the WORLD-WIDE DEPRESSION of the 1930’s. If you had some bucks now is the time to buy certain stocks just like WARREN’slimeball’BUFFET. BUT THEN LIKE DEMBHOLES LIKE TO PREACH:”Be patriotic pay more taxes!!!” Ha.
Consultant, You sound more and more like a Democrat.
The fact is that 93 Democrats voted no.
the deal was that the democrats would deliver 120
and the republicans 100..you do the math
the democrats delivered 140 and the republicans
failed to deliver ..remember Jiminy the REPUBLICAN
president supported this along with the minority leader
and the whip in the house…the federal reserve chairman
appointed by this president suported this along with
the president’s sec of the treasury…John McCain
flew to washington to make sure the bill was changed
it was..and the right wing members of his own
party who never liked him in the first place have
now embarassed him and put him in a box…
but this is not about politics Jiminy…it is about
the financial health of the nation..and about
main street being able to borrow for college
for everyday stuff ..unfortunately the lemmings
in the country with little understanding of how
the markets work thought this was about bailing
out billionaires..when it is about protecting
the entire financial system which they need in
their everyday lives…
the deal was that the democrats would deliver 120
and the republicans 100..you do the math
the democrats delivered 140 and the republicans
failed to deliver ..remember Jiminy the REPUBLICAN
president supported this along with the minority leader
and the whip in the house..are they democrats too?
It’s a bad bill, Consultant. Let them all make it better.
Bush is irrelevant and is getting bad advice, I’d say. And now he’s allied with the Democrats. If McCain handles this right, he wins the election. But I’m not sure he will handle it correctly.
As I said under another item…if this is such an immediate crisis, the House shouldn’t be taking off two days for the Jewish holidays. I think it’s a big con job.
I think the Republican’s are opposed to getting all of the blame for this situation and in that they are right.
Barak Obama keeps talking about greedy Wall Street and does not talk about the greed of those who would make a commitment to a house they could not afford, nor the leaders that set the table for this dinner party.
The notion that these mortgages were repackaged and resold to investors was certainly wrong and a huge part of the problem and that is the fault of greedy Wall Street investors who, not only did not have the best interests of this country they certainly did not think it out as it makes no sense at all in the long run.
Equal parts belong to the left wing of the democratic part which encouraged loans to people who could not service those loans and to those who undertook the loans in the hope that the value of the property would continue to rise, thus availing them of additional source of capital to service the very dept that they could not afford in the fist place.
No responsible home buyer should have that Ponzi scheme on their minds and no matter how noble they fell they are the left wing of the Democratic Party had no business intervening in the marketplace to start with. These two parts are two thirds of the problem and if the Republicans don’t make that clear they will pay in November and for years. Not only is this a political problem it is an actual problem.
We are facing a time when nobody wants to hear that they didn’t win a ribbon. We need people to understand that some people are not in any position to be a home owner. That may not be what people want to hear but hear it they must.
I think the Republican leaders want to make a stand that may cost in the short run. However this entire situation will be just that, a very short run, assuming some bill is passed on Thursday or Friday.
If that plan is clear as to blame and solutions and the underlying issues are dealt with then I think it will pay off and it will have been the right thing to do.
Let’s post basic FACTS not SPIN. STOCKS go up if you bet them up you make money. STOCKS go down if you bet them down you make money. For every buyer there has to be a seller and vice versa. OIL WILL SHORTLY BE $50DOLLARS A BARREL or lower – if you have money to ‘invest’ in stocks/bonds etc. now or very soon is the time to buy. Capitalism works if you don’t infuse it with ridiculous SOCIALIST PAP and programs for the POOR to buy/own houses they can’t afford!!!