Monday, September 29, 2008

Bill that will singlehandedly save economy not passing

You remember that great compromise plan for the bailout that would save our economy and was the result of John McCain heroically suspending his campaign and had enough things in it to satisfy both Democrats who didn't want to reward billionaires for their own idiocy and Republicans who didn't want to see large segments of private business come under government control? It just got defeated in the House. Just now. It's on all the cable news outlets.

The bill, which would have given possibly as much as $700 billion to the Treasury and had the backing of President Bush, will now likely have to be reworked in order to pass the House. It was defeated 227-206, with 218 votes needed to pass. Among Democrats, 141 voted for the bill, with 94 opposed. 133 House Republicans voted against it, with 65 voting for.

Meanwhile, the Dow is down like 500 points since the vote became official. So that happened.

(ed. note: The Dow dropped 777 points yesterday after the vote became official, the biggest drop in the history of the market.)

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