Well, that’s that folks! The house has just voted (see above) and it is offically a wrap. The Dow has dropped 1,000 point today.
U.S. stocks have plunged badly over the last half-hour, as the bailout package began to hit a snag in the U.S. House of Representatives. It looks like they’ve hit a nadir.
The drop came as the global credit crisis spread and a massive bailout package appeared stalled in the House. As we write this, votes being cast in House show the legislation is losing there [Confirmed: The House has rejected the package.]
In Europe, the number of banks being bailed out hit four, and in the U.S., the market is also being hit by news of a takeover of Wachovia Corp., a bank that began wobbling badly late last week. Meanwhile, the Federal Reserve and other major central banks around the world have moved quickly to pump hundreds of billions of dollars of liquidity into the market.
Many technology stocks — including Apple, Google and Sun — are lower than they have been in a year or more.
Citigroup will acquire Wachovia’s operations.
On the bright side, oil futures dropped six percent — but only because of assumptions that an economic slowdown will mean less demand for oil.
Bush administration and GOP=WMD, against the American Middle class and poor! Mission nearly accomplished!!!!
