Well this will be interesting
September 29th, 2008
| Tags: credit crisis
The House of Representatives has defeated the bailout proposal….
OK, the bill failed, 228 to 205. The House has decided, oddly enough, to try a do-over. Yes, the House is taking up the same bill, again, right now, seeing if the same lawmakers vote differently this time. The Dow’s down about 500. washington monthly
Dow is off 460 points and gold is over $900.
It will be really interesting if the House defeats the bill again on the do over…
Update: For those keeping score Wikipedia informs us “The largest one-day point drop in DJIA history occurred on September 17, 2001, the first day of trading after the September 11, 2001 attacks, when the Dow fell 684.81 points”
Today…777
It will be interesting.
Like most people, I don’t understand the banking system or these mortgage backed securities so I find it very difficult to assess just how large and just how imminent a crisis this is. To muddy it further, reports seem to indicate that the banks themselves are not very transparent about the scope of the problem.
The calls for action certainly seemed urgent and genuine but I’m naturally cynical. It seems like there are more than a few cynics in the House of Representatives as well.
If I were a republican voting on this bill, and had listened to Pelosi’s speech prior to voting, I would have voted against it too. The woman is a complete idiot.
As much as Pelosi talks angry at the Republicans, I bet she’s totally steamed knowing that there were enough Democrats to pass the bill without any Republican votes…if enough Democrats had thought passing it was sensible.
That said, I constantly wonder when people are going to wake up and tell the government meddlers to just take their hands off the money unless and until they’re given some to play with.