The bill designed to rescue the nation’s troubled financial system was voted down today in a stunning vote of 228 to 205.
The rejected bailout shocked the capital and worldwide markets even after warnings from President Bush and congressional leaders that the economy could continue to suffer and possibly nosedive if not passed soon.
The stock market plunged even before the vote to reject the bill was officially announced on the House floor. The decline for the day surpassed the 721-point previous record on the day after the September 11, 2001 terror attacks. In percentage terms it was well short of the drops on Black Monday in October 1987 and at the start of the Great Depression.
Although we as a country will work our way out of this financial mess, credit will continue to stay tight in the meantime. Conventional and “A” paper loans are still available to borrowers with good credit, but don’t expect to find many options if you are looking for a sub-prime loan or have poor credit.
Let’s continue to stay glued to our TV’s and radios and watch the drama unfold…