Monday, September 29, 2008
The House of Representatives today voted to reject a $700 billion dollar bailout of Wall Street criminals in the financial industry.
The vote on the bailout was 228 against to 205 in favor. Supporters, including House Speaker Nancy Pelosi and Democratic majority leader, Rep. Steny Hoyer vowed to try to bring the rescue package up for consideration again as soon as possible.
Meanwhile, stock markets plunged sharply at midday as it appeared that the measure would go down to defeat. The DOW closed today down more than 777 points
Supporters of the bill had argued that it was necessary to avoid a collapse of the economic system, a calamity that would drag down not just Wall Street investment houses but possibly the savings and portfolios of millions of Americans. Opponents said the bill was cobbled together in too much haste and might amount to throwing good money from taxpayers after bad investments from Wall Street gamblers.