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Wall Street Bailout Vote Fails
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by Rob Walker | September 29, 2008 at 06:47 am
520 views | 29 Recommendations | 12 comments
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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.
We have at least five Related NowPublic stories, if anyone is planning on updating it consistently, please send me a private message:
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.
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Most RecentMost Recommended Comments (12)
at 10:01 on September 29th, 2008
Rob Walker, I like this story. It's good stuff.
This is absolutely crazy. This vote is getting live coverage on French and UK television, live on all British cable news networks. People are already in a panic.
at 10:03 on September 29th, 2008
The votes have been counted but apparently there's last minute horse-wrangling going on on the floor, which has for the moment stalled the DOW's plummet. Waiting to see what happens...
at 10:17 on September 29th, 2008
Senate or House? Or both?
at 10:17 on September 29th, 2008
Rob Walker, I like this story. It's good stuff.
at 10:19 on September 29th, 2008
Reuters just carried the following head line
*MAJORITY OF HOUSE VOTES AGAINST RESCUE PLAN; VOTE STILL OPEN
S&P -7.2%. worse day since 1987 oct 26th
This is very bad - although i dont agree with it - the US economy is now going to get toasted for this shows a no confidence vote in the US Government and Financial Sector. The US Dollar exchange rate has fallen from 1.4301 aganist the Euro to 1.4500. i wouldnt be surprised if it trades 1.5000+ and the S&P and Dow to be down another 5% before we get a result
at 10:19 on September 29th, 2008
Rob Walker, I like this story. It's good stuff.
at 10:27 on September 29th, 2008
Whoops had the wrong headline. Fixed, thanks!
at 10:30 on September 29th, 2008
There's 5 or 6 NP stories on this already, Rob. Also it seems like they're going to try to make them vote again. Dow is not so bad fluctuating. Try to realize that the stock markets always do this. It has not crashed.
at 10:35 on September 29th, 2008
Rob Walker, I like this story. It's good stuff.
at 10:43 on September 29th, 2008
I've updated my story to include the appropriate related stories on NP and changed my copy to the most recent info. If you're interested in updating a story regularly, let me know and I'll hand it over.
at 11:02 on September 29th, 2008
Thanks to all the members who are keeping on top of this important story.
Great work!!
Since we have so many stories on this breaking news story we have decided to link them all in one single page Wall Street Bailout Vote Fails
When you update your story, or add a new one, be sure to add a comment here or send Rob or Tina a message so that we can be sure your work is included
Please alert us if your article should be included. Or, re-tag your article to include "bailouts" (plural) so it will appear on the Bailouts Feature Channel.
Here is a list of the articles currently included in the bailout defeated coverage.
Update DOW 600 down, H. of Representatives votes against Bail-out, banks, payments to fail, cash panic
$700 Billion Bailout Bill is Defeated
There is so much great coverage on the site right now, and linking to each article from
one page seems to be the most democratic way to showcase the member stories.
This is a deviation from our normal way of handling multiple stories, but since this is such an important news event we feel it is in the best interest of all members, and Now Public readers, to have all the coverage in one place.
There is also some relevant content on our Bailouts page:
Global Banking Bailouts
To have your content automatically added to this page, please tag it "bailouts" (plural)
The Bailouts Scan is also an interesting source of information, as it shows a real-time feed of what people across the Internet are saying about the bailout situation. Visit the Bailouts Scan to see the live feed for yourself.
Thanks! If you have any comments or feedback, please feel free to contact me directly through my member profile: Tina Kells
at 13:18 on September 29th, 2008
I think so too, 3h ahead of my post was no decision, that the bail-out fails; your time stamp not fitting. No good style as PEP said. Who of you is in charge of the front story, it is time to change to solarlife, first up Text story bailout failed 1/51. Thanks for switching to 1/51
http://www.nowpublic.com/world/update-dow-777-down-bail-out-no-next-vote-oct-6-banks-payments-fail-cash-panic