The $700 billion US bailout plan has been defeated for the time being and the markets are in turmoil. So far today the Dow has plunged by more than 770 points and the TSX is down 840.93 points. Anyone out there concerned about retirement? Are you starting to bottom fish for stocks or stockpile canned goods?
In a stunning vote that shocked the capital and worldwide markets, the House on Monday defeated a $700 billion emergency rescue for the nation’s financial system, ignoring urgent warnings from President Bush and congressional leaders of both parties that the economy could nosedive without it. The Dow Jones industrials plunged nearly 800 points, the most ever for a single day.
Democratic and Republican leaders alike pledged to try again, though the Democrats said GOP lawmakers needed to provide more votes. Bush huddled with his economic advisers about a next step. The House was to reconvene on Thursday instead of adjourning for the year as planned.