Yesterday, the House passed the revised bailout bill (HR 1424) by 263 to 171 after the Senate passed it 74 to 25 on Wednesday.
In my opinion, the House missed a chance to make a major impact, when it voted against the first bailout bill on Monday. By yesterday, it was clear that action had to be taken and passage of the bill was fully expected. Effectively, the stock market yawned, with the Dow closing down 157 after being up over 300 prior to the vote.
Although it was only five days, the bailout bill now costs an additional $110 billion and the stock market has lost over a trillion dollars in value. In addition, credit markets have become far worst.
Personally, I am still disappointed that the House didn't vote for the less expensive bill on Monday. I still won't vote for any Congressional representative who voted no on the first bailout bill, HR 3997.
For more on Reflections and Musings, check back every Saturday for a new segment.
This is not financial advice. Please consult a professional advisor.
Copyright © 2008 Achievement Catalyst, LLC
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