Below is the speech that supposedly killed the bailout. I find it hard to believe they were guilted by that speech, but hey everyone needs something to believe in or someone to blame. Here's a little background on what happened today and how it measures in comparison to the great depression, bullet point style, but check out the link below and share your thoughts.

  • House rejected $700 billion bailout plan

  • 228 voted against the bill - 95 Democrats and 133 Republicans

  • Proposed reasoning for going against Bush: "Almost until the early afternoon vote Monday on the financial rescue plan, voters bombarded congressional offices, protesting almost in unison: Don't bail out renegade financial executives and companies."

  • Republican quote of the article: "Rep. Jeff Flake , R- Ariz. , recalled how many people voted for hard-to-understand measures such as the 2003 Medicare prescription drug bill or 2002 legislation giving President Bush broad authority to wage war in Iraq , only to learn later that they'd signed blank checks to Bush that would come to haunt them."


Today vs. Yesteryears

Today:
  • The Dow Jones industrials plunged 777 points — their largest point drop ever — or almost 7 percent.
  • The decline also surpasses the record for the biggest decline during a trading day — 721.56 at one point on Sept. 17, 2001, when the market reopened after 9/11.
  • The Standard & Poor's 500 index declined 8.51 percent
  • Nasdaq composite index fell 9.14 percent.
However
  • In percentage terms, it was only the 17th-biggest decline for the Dow
  • far less severe than the 20-plus-percent drops seen on Black Monday in 1987 and before the Great Depression.



What are your thoughts on what's happening?? INTERESTING TIMES INDEED! Don't forget October 2nd is the VP debate.

Source: House members rejected bailout because voters back home hated it.