Tag Archives: Bailout

Wall Street Drops like Lead Ballon as House Rejects Bailout.

Earlier this afternoon, the US House of Representatives, by a vote of 228 to 205, rejected the proposed $700 billion bailout of the financial industry. On Sunday McCain spokesman Steve Schmidt was busy on Meet the Press rewriting history by touting John McCain’s bringing all the parties to the table and laying out a number of principles, including oversight and responsibility.

I imagine now McCain’s campaign will be busy again rewriting history with a new explanation since some 133 Republicans voted nay on the bailout.

Wall Street, already jittery in the morning because 3 banks failed overseas and Apple stock was downgraded on consumer buying worries in the current economic downturn, saw the Market plunge precipitously by day’s end.

The Dow was down 778.68 points (6.98%)
Nasdaq was down 199.61 points (9.14%)
S&P 500 was down 106.85 points (8.81%)

Democrats voted 140 aye and 95 nay on the bailout.
Republicans voted 65 aye and 133 nay.

How the Washington State Delegation voted:
aye – McDermott, Smith, Baird, Larsen, Dicks
nay – Inslee, Reichert, Hastings, McMorris-Rodgers