September 29, 2008
UPDATE: The stock market has plummeted about -777.68 points in just a few hours!!!!
The reason for the sudden burst? The House this morning rejected the $700 billion emergency rescue for the nation’s financial system. As of late last night, things were looking up for President Bush and his emergency plan. Republicans this morning had a different vibe on things.
The house voted 228-205, and just like that the bill was rejected.
Now, President Bush must come forth with a new revised plan to defeat the economic crisis at large. Bush planned to meet this afternoon with his Economic advisers to devise yet another rescue plan.
Crude oil futures fell $10.68 to close at $92.21 a barrel on the New York Mercantile Exchange. They have lost nearly $25 since last Monday, and dropped sharply as the House voting began.
Concerns that the crisis might be spreading to Europe helped to push down the value of the European common currency. The euro dropped against the dollar to $1.43 on Monday from $1.46 on Friday.
Stay locked for more news….
Posted in Spreading the News
