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Bailout Fails, Dow Drops 700 Plus Points, What Happens Now?

After the Bailout Vote: What Happened and What's to Come


The House failed to pass the historic $700 billion Wall Street bailout this afternoon causing the Dow to crash a historic 780 points, and making President Bush "very disappointed." A roll call of the votes shows that 133 House Republicans voted no, while 65 voted yes. As for the Democrats, 140 voted yes, and 95 voted no. Thirty out of 38 House members in tight reelection races voted against the bailout.

After taking credit for the bill before it failed, the McCain camp had tough words for Obama this afternoon. Firing off the first statement, McCain said: "Barack Obama failed to lead, phoned it in, attacked John McCain, and refused to even say if he supported the final bill."

As for Obama, he blamed the deregulatory climate supported by John McCain. His campaign released a statement saying this is a "moment of national crisis" and criticizing "the angry and hyperpartisan statement released by the McCain campaign."

Speaker Pelosi will most likely call for a new vote, but if it doesn't pass — Wall Street might have to wait until the US has a new president. As the stock market certainly falls, the next step toward a solution is uncertain.

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