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Previous | Next :: Black Day at the Capitol : DC : USA | September 29, 2008, 10:33 pm

Black Day at the Capitol : DC : USA
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Well......... it was all a bit of a disaster up on the Hill today....... Nancy Pelosi\'s $700-Billion speech ?........ The most viciously partisan attack just before everyone is supposed to come together.......... For the good of the Nation ! .......... Then the House Republicans who voted against just because they were insulted? They voted against the bill because they were insulted? Their own personal pride over the good of the Nation.......? Well, Im not sure that is the true narrative......... half the Democrats did not vote for it either ......... and Im not sure I even really support $700-Billion bailout for bankers myself ........... but the spectacle of the promised and announced rescue package that was then voted down totally destroyed the markets today..........

\"NEW YORK (AP) -- The failure of the bailout package in Congress literally dropped jaws on Wall Street and triggered a historic selloff -- including a terrifying decline of nearly 500 points in mere minutes as the vote took place, the closest thing to panic the stock market has seen in years. The Dow Jones industrial average lost 777 points Monday, its biggest single-day fall ever, easily beating the 684 points it lost on the first day of trading after the Sept. 11, 2001, terrorist attacks.

As uncertainty gripped investors, the credit markets, which provide the day-to-day lending that powers business in the United States, froze up even further.

At the New York Stock Exchange, traders watched with faces tense and mouths agape as TV screens showed the House vote rejecting the Bush administration\'s $700 billion plan to buy up bad debt and shore up the financial industry.\"

.................. Whatever it is they should have done up on the Hill today........ may not be completely clear ........... but .......... What they actually did.......... Certainly was not it..........

Cheers Jez XX

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