Dow down 750 by the close. Gold bugs won.
So far everyone else is looking like a loser. Keep in mind that the deal that was killed was not the first deal on the table; there had been significant changes to it, or so I understand, and it was supposedly quite a bit less outrageous than the thing which was proposed first. =================================================== __________________________________ MARKET ALERT from The Wall Street Journal. Sept. 29, 2008 The Dow Jones Industrial Average plunged more than 750 points, or close to 7%, to below 10400 following the House's stunning defeat of the $700 bilion financial-markets bailout. The final closing numbers were still in flux, though the Dow appeared on track to notch its biggest one-day point loss ever. The S&P 500 lost around 8.7% and the Nasdaq lost around 9.1%. Oil futures dropped almost $8, trading under $100 a barrel in New York as fears about slowing demand due to global economic weakness gripped the commodity markets. The broad Dow Jones-AIG Commodity Index slid more than 4%. Gold prices climbed. =================================================== Edmund Storms wrote: > The people who nuked the deal are the people who do not trust the > administration and who, in addition to listening to the voters, were > able to hear what various economists are saying. Of course, it helps to > be very conservative or very liberal. Thank heaven, there was enough > independent thinking this time to not create another Iraq in the > financial world. > > Ed > > > On Sep 29, 2008, at 1:30 PM, Stephen A. Lawrence wrote: > >> News stories I'm seeing make it sound like it was the conservative >> Republicans who nuked the deal. >> >> With Barney Frank as lead representative on the bill, in the end it was >> apparently, in some sense, a Democratic initiative(?) or at any rate it >> was certainly bi-partisan. >> >
