Bailout bombs

September 29, 2008

Just like the U.S. financial sector, the Congressional effort to prop it up has gone down in flames.

Bailout_2
Representatives from both sides of the aisle this afternoon lined up against the $700 billion bailout plan by a 228-to-205 vote. The measure had been scheduled for a Senate vote on Wednesday, but that’s now in limbo as lawmakers try to regroup.

Let’s hope the stock market finds its footing, too. It went into free fall as soon as word of the House vote got out.

You can read about the vote in the Wall Street Journal, The New York Times, The Washington Post, TheStreet.com, and The Independent,,

At this rate, all other legislation, including the AMT and extenders packages blogged about earlier, might be on the permanent back burner. And Representatives and Senators might not be able to make it back home to campaign before Nov. 4, which might not necessarily be a bad thing!

I just hope the absence of a rescue package doesn’t mean the Vice Presidential debate will have to be postponed.

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Comments
  • Eitan Yariv
    17 years ago Reply

    Wondering when will it end up…

  • Eitan Yariv
    17 years ago Reply

    A well written and very intresting post. I don’t see how we would end up – Hope for the best however

  • Bruce
    17 years ago Reply

    I would have to say I would rather they spend their time working rather than clogging the media with their campaigning.
    All so, much ashamed the market should be not being able to stand on it’s own.

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