September 29, 2008

IF YOU HAVE A 401K OR IRA...:

House Rejects Bailout Package, 228-205; Stocks Plunge (CARL HULSE and DAVID M. HERSZENHORN, 9/29/08, NY Times)

In a moment of historic drama in the Capitol and on Wall Street, the House of Representatives voted on Monday to reject a $700 billion rescue of the financial industry.

The vote against the measure was 228 to 205. Supporters vowed to try to bring the rescue package up for consideration again as soon as possible.

Stock markets plunged sharply at midday as it appeared that the measure would go down to defeat.


Stocks plunge as House votes 'No' (Alexandra Twin, September 29, 2008, CNNMoney.com)
Stocks skidded Monday afternoon, with the Dow tumbling as much as 711 points, after the House rejected the government's $700 billion bank bailout plan.

Stocks had tumbled ahead of the vote and the selling accelerated on fears that Congress would not be able come up with a fix for nearly frozen credit markets. The frozen markets mean banks are hoarding cash, making it difficult for businesses and individuals to get much-needed loans.


...that was the House GOP taking money out of your pocket, but, don't fret, they won't get many more opportunities.

Posted by Orrin Judd at September 29, 2008 2:14 PM
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