Today the House of Representatives voted to reject
a $700 billion rescue of the financial industry. The vote came in
stunning defiance of President Bush and Congressional leaders of both
parties, who said the bailout was needed to prevent a widespread financial collapse. The vote against the measure was 228 to 205, with 133 Republicans
joining 95 Democrats in opposition. The bill was backed by 140
Democrats and 65 Republicans.
Stock markets plunged as it appeared that the measure
would go down to defeat, and kept slumping into the afternoon when that
appearance became a reality. By late afternoon the Dow industrials had
fallen more than 5 percent, and other indexes even more sharply. Oil
prices fell steeply on fears of a global recession; investors bid up
prices of Treasury securities and gold in a flight to safety. House
leaders pushing for the package kept the voting period open for some 40
minutes past the allotted time, trying to convert “no” votes by
pointing to damage being done to the markets, but to no avail.
via New York Times
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