s skippy the bush kangaroo: repubbbs cut off economic nose to spite economic face, rest of body faces certain death

skippy the bush kangaroo

Monday, September 29, 2008

repubbbs cut off economic nose to spite economic face, rest of body faces certain death

the house repubbbs, mistakenly believing the freemarket crap they've been fed for the past 20 years, have rejected the re-worked bailout plan. cnnmoney:

the fate of the government's $700 billion financial bailout plan - a far-reaching attempt to stem a growing economic crisis - was thrown in doubt monday as the house rejected the controversial measure.

the next steps were unclear. the abrupt defeat left the bush administration and congressional leaders scrambling to put the bill up for another vote. a vote before wednesday is very unlikely.

and stock markets reacted violently. investors who had been counting on the rescue plan sent the dow jones industrial average down as much as 700 points while watching the measure come up short. the key stock reading was down nearly 600 points with about 15 minutes of trading left.

the measure, which is designed to get battered u.s. credit markets working normally again, needed 218 votes for passage. but it came up 13 votes short of that target, as the final vote was 228 to 205 against. about 60% of democrats and fewer than 33% of republicans voted for the measure.
the stock market wasn't pleased. wsj:

the dow jones industrial average plummeted 777.68 points, its biggest one-day drop in history. it ended down 7% at 10365.45, down 9.3% since since crisis erupted a few weeks ago on wall street following the meltdown of lehman brothers holdings. all 30 of the blue-chip indicator's components fell monday…

"there is a panic mentality afoot today," said bruce bittles, chief investment strategist at robert w. baird.
as ye repubbblicans reap, so shall ye repubbblicans sow.

posted by skippy at 1:21 PM |


Oh well....
commented by Blogger The Culture Ghost, 1:51 PM PDT  

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