►On the Brink: Dow Plunges on Fears House will Not Pass Bailout - ABC News
House Republicans shocked the White House -- and the stock market -- by refusing to approve the Bush administration's gargantuan Wall Street bailout today.
The House vote was expected to be close for the $700 billion rescue plan, but the chance of it passing was put in peril when 132 Republican members of the House voted against it. Only 66 Republicans voted for it.
The impact of the vote was felt even before the voting was concluded. The DOW plunged as the votes were being counted and it was apparent that passage was unlikely. As the voting continued the Dow plummeted to 700 points, then recovered. Continue reading here.
►House Rejects Bailout Package, 228-205; Stocks Plunge - New York Times
WASHINGTON — In a moment of historic import in the Capitol and on Wall Street, the House of Representatives voted on Monday to reject a $700 billion rescue of the financial industry. The vote came in stunning defiance of President Bush and Congressional leaders of both parties, who said the bailout was needed to prevent a widespread financial collapse. Continue reading here.
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