Stocks Plunge on House Vote

U.S. stocks plunged this afternoon as House members looked as though they were poised to vote against the $700 billion bailout bill.

The Dow Jones industrial average took a more than 500 point dive today as the vote tallies came in. The bailout had been expected to pass but met last minute resistance. The Stand and Poor's 500 and Nasdaq were both down more than 6 percent.

Investors have been met with a drumbeat of negative news despite the bailout: Consumer spending stalled in August according to government figures released today and Wachovia was snapped up by a competitor, continuing the restructuring of the financial landscape. This weekend, two banks in Europe received government help, including the British mortgage lender Bradford & Bingley and the Belgian-Dutch financial group Fortis.

--Renae Merle

September 29, 2008; 1:53 PM ET  | Category:  business
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Comments

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Where's my dune buggy and sawed off shotgun? To the Thunderdome!

Posted by: Darb | September 29, 2008 2:03 PM

Where can I find a list of Yays and Nays?

Posted by: Steve | September 29, 2008 2:19 PM

haha, Darb that's great! I actually was thinking about Mad Max yesterday in light of this madness. Time to stock up on non-perishables and ammo my friends! Long Live the Republic!

Posted by: LibertyToAll! | September 29, 2008 2:32 PM

The house was told the patient has cancer, and that chemotherapy is the best course. The house Republicans, thinking of whether the voters, who will soon be unemployed, will approve of their courage, decided to vote for they perceived as their individual political survival, rather than the survival of America.

Now is this selfishness any different than that of the folks who sold you that "less than interest only" mortgage?

Posted by: Steve | September 29, 2008 2:40 PM

LibertyToAll!,

:)

Posted by: Darb | September 29, 2008 2:42 PM

The house was told the patient has cancer, and that chemotherapy is the best course. The house Republicans, thinking of whether the voters, who will soon be unemployed, will approve of their courage, decided to vote for what they perceived as their individual political survival, rather than the survival of America.

Now is this selfishness any different than that of the folks who sold you that "less than interest only" mortgage?

Posted by: Steve | September 29, 2008 2:45 PM

www.house.gov is overwhemled; it's not loading, so who knows when we'll see the list of votes yay and nay.

Posted by: Eric | September 29, 2008 2:48 PM

I too would like to see a list of the Yays and Nays. Is the latest poll posted anywhere?

Posted by: Deb | September 29, 2008 2:48 PM

Posted by: macebruce | September 29, 2008 2:52 PM

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