With substantive Nays from Democrats and Republicans, the $250billion bailout boondoggle got killed in the House of Representatives.
The Dow tanked over 700 points, but it is still over 10,000. November 1972, the Dow was above 1000 for the first time and it was time for champagne. How perspectives change.
Now this Frankenstein's monster of a bill is dead, perhaps Congress can work on a piece of legislation that is not based in the Treasury's fear mongering of a $700billion crater.
Well I can hope they get it right this time.
2 comments:
I actually would have been ok with this bill, but hope we can get a better one.
Looks to me like Nancy Pelosi spiked this bill on purpose to use as a campaign issue.
And it looks like the 'better' bill has not stabilised anything. Keep the government out of the market. or all your 401K are belong to the government.
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