SPECIAL REPORT AMERICA'S MONEY CRISISBailout plan rejected
House leaders scramble for support for controversial Wall Street plan.
By Chris Isidore, CNNMoney.com senior writer
Last Updated: September 29, 2008: 2:12 PM ET
NEW YORK (CNNMoney.com) -- The fate of a controversial $700 billion financial bailout plan was in doubt Monday as a House vote turned against it.
The next steps were not immediately clear but supporters were scrambling to put it up for another vote.
What was supposed to be a 15-minute vote stretched past the half-hour mark as leadership scrambled for support. Investors who had been counting on the rescue plan sent the Dow Jones industrial average down as much as 700 points while watching the measure come up short of the necessary support, before rebounding slightly. The key stock reading was down more than 500 points.[...]
The economy will have short term reaction and the chaff will be blown away (along with critical funding sources for some politicians, no doubt).
I am so very pleased to read this article.
But I do believe that this is not the last we have heard of it. I would expect it to come back with even more pork attached and with a larger price tag. "You didn't bail out when it was cheap, now it is gonna cost ya!"
Feh... let the bankers eat cake.
"The bailout is bullsh##. You broke it; you bought it!
By the way, did you even HEAR about the protests on Wall Street? Not much coverage.
Hmmmm... who do YOU trust for news?
Really? That is a very interesting choice.