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Bailout Bill Defeated In House

by @ 2:14 pm on September 29, 2008. Filed under Business, Credit Crisis, Economics, Politics, Sub-Prime Mortgage Crisis

In a stunning move, the House has rejected the Paulson-Bernake bailout deal:

WASHINGTON – 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.

The Dow, NASDAQ, and S&P 500 are all falling like a rock right now, and it’s likely to be a long day, and a long night.

More later, I’m sure.

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3 Responses to “Bailout Bill Defeated In House”

  1. [...] On Monday, the voices of those opposed to further government intervention in the economy scored a surprising victory when the House of Representatives voted the proposal down. [...]

  2. [...] On Monday, the voices of those opposed to further government intervention in the economy scored a surprising victory when the House of Representatives voted the proposal down. [...]

  3. [...] a repeat of the House Republican rebellion that led to a first round defeat for the financial industry bailout back in September, it appears [...]

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