Bailout: House Says No, Stock Market Wants Yes

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By Douglas A. McIntyre Updated Published
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House_vote_picIf Congress was worried that the bailout package was or wasn’t going to help, the failure out of the House of Representatives to pass the new bailout package just killed the stock market.  As it stands right now, the tally came to 207 in favor and 226 votes against.  Republican votes were 66 yes votes to 132 no votes.  Democratic votes were 141 yes votes to 94 votes.  The vote is still open to change so technically it isn’t on the funeral pyre yet.  The vote is being kept open right now and votes can be changed.  Until the gavel is hit, this result can be changed. Stocks briefly reached far worse levels than this snapshot at 1:55 PM EST.

DJIA               10,747.60 (-395.53; -3.55%)
NASDAQ        2,068.80 (-114.54; -5.25%)
S&P500          1,147.13 (-65.88; -5.43%)
10YR T-Bond   3.716%    (-0.111%)

Jon C. Ogg
September 29, 2008

Photo of Douglas A. McIntyre
About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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