Stock Market Crash
Wall St bailout plan blocked
LATEST: US lawmakers have rejected a US$700 billion bailout plan for the financial industry in a shock vote that sent global markets sliding as the world credit crisis claimed more banks. By a vote of 228-to-205 the House of Representatives rejected a compromise plan that would have allowed the Treasury Department to buy up toxic debt from struggling banks.
The plan's defeat sent US stocks down sharply, with the Dow Jones industrial average briefly falling more than 700 points, its biggest intraday drop ever.
Who would have thought a bloated self interested bailout for the corporate greedy by an Administration that allowed the super unregulated environment in the first place could have caused so much financial blood on the floor. The Dow was down as low as 722 points - OUCH that's a bad day at the office.