29 September 2008

House defeats bailout

The US House of Representatives voted down a $700 billion emergency relief package today. The markets reacted sharply with the DOW Jones Industrial Average dropping over 700 points alone.

The bailout measure is massively unpopular on both sides, although leaders in both parties urged its passing to stave off further financial collapse. The bill would give the Secretary of the Treasury unprecedented power with little oversight, making many lawmakers and citizens uncomfortable.

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