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. (Full story)
With 30 minutes left in the session, the Dow Jones industrial average (INDU) was down 680 points, or 6%. The Standard & Poor's 500 (SPX) index was down 7.9% and the Nasdaq composite (COMP) 7.9%.
It was the biggest drop during a trading session since Sept. 17, 2001, the day the markets reopened after the 9/11 attacks, when the Dow fell 722 points.
BLOGGERS QUESTION/THEORY: Are the disgruntled republicans deliberately trying to destroy the McCain campaign??? The worst the economy, the greater the chance for Obama to win by a landslide victory. Leave a comment and let me know your thoughts.
CURRENT GALLUP POLL: Obama 50%, McCain 42% and dropping steadily with every move the house republicans make.
2 comments:
I don't know if they're deliberately trying to hurt the McCain campaign ... I only know I'm enjoying watching his poll numbers fall! ;)
The reason the House Republicans didn't vote for the bailout was because of Pelosi's ridiculous bi-partisan comments just before the vote. She sabotaged the Dem's on effort to get the thing passed.
Besides, let's hope the Republicans can regroup and propose and get passed a better alternative, as the current plan is a poor one, regardless of who, Democrats or Republicans want to pass it.
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