Monday, September 29, 2008

Wall Street bleeding

A majority of Republicans rejected the bail-out plan proposed by Bush, despite pleas from the Republican leadership. Most of the rejection came from the fiscal-conservative camp, the people Bush has been snubbing in favor of the religious-conservative wing of the party. Despite support from the Democrats, the plan didn't get enough votes to pass. So no bail-out.

The Dow's down 777 points at close, nearly 7%. The NASDAQ and S&P500 are in even worse shape, being down around 9% each. And frankly I don't expect the indexes to recover. They may be up a bit tomorrow, but they won't rise as far as they fell and they're going to keep slipping over the next month or two. If you're looking for improvements in the financial markets, that won't be happening until next year at the earliest.

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