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Bailout fails, stocks plunge |
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By Klaus Marre
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Posted: 09/29/08 01:54 PM [ET] |
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A patchwork of lawmakers on Monday rejected a massive bailout of the financial markets, sending the Dow Jones Industrial Average spiraling down. The bill failed in a 205-228 vote , and the bailout now faces an uncertain future. While a majority of House Republicans opposed the measure, they alone would not have been able to stop the $700 billion rescue package for Wall Street alone. However, dozens of Democrats also objected to the bill. At the end of the 15-minute vote, which was being held open long after time had expired, 140 Democrats voted for the bill. They were joined by 65 Republicans. However, 95 Democrats voted against the measure, along with 133 Republicans. The Dow plunged during the vote. The index was down about 250 points when the vote began but plunged an additional 400 points as it became clear that the bailout was in trouble. When the vote was gaveled closed, the Dow was down 525 points. |
