Bailout fails to get majority vote, Dow drops 700
September 29, 2008 by Tisa Silver
Filed under Finance
The Dow lost as much as 700 points as the markets awaited a decision from Congress on the $700 billion bailout package proposed by the Bush administration.
The bill, which began as a three page document, grew to about 110 pages inside of one week. Rightfully so, it would take a lot more than three pages to sell me on $700 billion commitment!
Just before 2 pm, Bloomberg reported a vote of 207-226 (yea vs. nay). Supporters of the bill are hoping to sway some of the naysayers while voting is still open.
