The House of Representatives in the United States has defeated the proposal originally crafted by U.S. Treasury Secretary to help bail the U.S. out of financial difficulties. My hope is that Congress can get to business and craft a comprehensive solution, which this legislation was not.
Meanwhile markets have imploded on the news and further immediate bankruptcies are almost certain.
Fear swept across the financial markets Monday, sending the Dow Jones industrials down as much as 705 points, as the financial bailout package was defeated by the House.
As the vote was shown on TV, stocks plunged and and investors fled to the safety of the credit markets, worrying that the financial system would keep sinking under the weight of failed mortgage debt.
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Stocks tumble as House defeats bailout plan – Yahoo! News