Wall Street Bailout Vote Fails
The $700 billion bailout bill failed to get enough votes, leaving markets in disarray Monday afternoon.
205 have voted Yea and 228 have voted Nay. At least 218 votes are required to pass the bill.
The House has adjourned the vote for now, but analysts are saying they will get back to the vote by the end of the day.
Meanwhile the American markets continued to tumble, with the Dow Jones falling more than 500 points since the bailout vote stalled.
The vote concerns the Emergency Economic Stabilization Act of 2008, which promises over $700 billion in relief for both American and Foreign companies.
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207 YES VOTES - 228 NO VOTES >>>> no bailout !!!
MANY REPUBLICANS VOTED NO
Markets, Wallstreet down
The Dow Jones dropped 600 points...... down 479 now The Dow Jones is dropping.
Tomorrow is a Jewish holiday. White House is preparing another paper. President Bush is disappointed. He will meet with his advisers this afternoon. President Bush is phoning leading lawmakers.
The House of Representatives rejected a $700 billion bailout today following extended debate where many members, including some who brokered the deal with it, was highly unpopular.
NowPublic member Politisite has hosted the document:
Many people across the web are complaining that are having difficulty accessing the Emergency Economic Stabilization Act of 2008 via the Speaker of the House and the Financial Services Websites. We have provided an alternative server that will allow for easy access and download of the documents. One must have Adobe Acrobat to read the documents
Click the following links to view documents:
The House, following four hours of heated and emotional debate, started to vote Monday on a sweeping $700 bailout of the nation's financial system.
Investors were watching the vote closely. The Dow plummeted more than 700 points at one point as votes against the bill mounted.
Stocks tumbled Monday afternoon on worries that the government's $700 billion bank bailout plan won't be sufficient to restore liquidity to nearly frozen credit markets.