By
The Associated Press
.
Published: Mon, September 29, 2008 - 12:46 pm
Last Updated: Mon, September 29, 2008 - 12:50 pm
WASHINGTON (AP) - The House on Monday defeated a $700 billionemergency rescue package, ignoring urgent pleas from President Bush
and bipartisan congressional leaders to quickly bail out the
staggering financial industry.
Stocks started plummeting on Wall Street even before 228-205 to
reject the bill was announced on the House floor.
The stock market is plunging precipitously, with
the Dow Jones industrials down as much as 700 points, as traders
feared the financial bailout package would not pass the House.
As the vote was shown on TV, stocks plunged and and investors
fled to the safety of the credit markets on fears that the
financial system would keep sinking under the weight of failed
mortgage debt.
The Dow fell 705 points, then regained some ground to trade down
462 at 10,681.
Former Montgomery Mayor On Capitol Hill
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