Stocks plunge as financial bailout plan fails in House vote; Dow falls 777 points.... but it was the 17th biggest percentage decline for the Dow and remains well below the more than 20 percent drops seen on Black Monday of October 1987 and the Depression.
This hurts but this market is only correcting itself. It is necessary for the markets to restructure to avoid a crash. $700B cannot fix the bubble in the market, it only blows the bubble bigger... and it will burst sometime, better now than when its bigger. The biggest problem is still going to be the value of the US dollar.
The fact that the House shot down the bailout plan tells me that the people still have a voice even if it is faint... But we will see a variant of this bill again soon.
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