Emergency Economic Stabilization Act of 2008 - House Votes “NO” But Debate Rages On

Posted by Justin McHood on September 29th, 2008

We mentioned (in jest) late last week that “On tap for next week: the world is coming to an end” and after today, I have to wonder.

Today, the House voted “no” to the Emergency Economic Stabilization Act of 2008 and the markets responded by promptly going in the tank and posting the largest-single-point-drop-in-one-day-in-history.

But wait.

According to Bloomberg, Secretary Paulson is working with Congress to salvage the “Bailout Bill” after the House rejected it.

Said Paulson:

“We need to work as quickly as possible; we need to get something done, we believe that our plan, and the plan that we developed with congressional leaders and worked so hard, is a plan that works. And we need a plan that works.”

Yep.  That was well said.

WE NEED A PLAN THAT WORKS.

Now if only it was that cut-and-dry…

Stay tuned for more developments as they happen.



September 29, 2008 | Filed Under Government 

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