$700 Billion Bailout Bill Set to Fail in the House, Dow Craters 500 Points

By:: Bill Rice | September 29, 2008

House of Representatives votes down 205-228 the $700 billion market bailout bill. Bringing surprise and shock into the financial markets, which headed down as much as 500 points (Dow) during the losing vote.

After a very emotional and spirited debate the House killed what was thought to be a bi-partisan done deal. To the contrary, it seems as though there was bi-partisan rejection with 95 Democratic Nays and 133 Republican Nays.

Several of the opposition debaters cited the perceived unpopularity of the bill with voters and the fundamental departure from free market principles. As many of the representatives are anxious to return to their districts to resume campaigns, taxpayer opinions may have weighed heavier than expected in their voting.

The House remains in session to carry out other business as rumors swirl that a motion to reconsider the measure is being assembled.

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