The DOW tanked more than 600 points after the bailout bill failed to make it through the US House Of Representatives. The bill needed a minimum of 218 votes to make it through the House, but could only gather 205 votes in support. 228 representatives voted against the Bill in its current form.
President Bush had earlier in the day pressed Congress to pass the Bailout Bill “Properly”. The Bush administration and lawmakers spent most of the last weekend finalizing the details of the Bill. The House was expected to pass the Bill, but this sudden development has thrown the entire Bailout plan in doubt. Wachovia is the latest victim of the current subprime mess and was bought by the Citigroup earlier in the day. Wachovia stocks were only worth pennies before trading of Wachovia stock was halted.
Less than 33% of the Republicans in the House voted for the Bailout bill while about 60% of the Democrats supported it. The leadership in the House are now hoping to bring the Bill back for another vote after making some more modifications to it. What is in store for the market in the next few days? No one knows. The mess is becoming uglier by the day and is sure to bring the fall of many more financial institutions if the bailout does not happen soon.
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