Mr Natural by R. Crumb.
Dow and S&P 500 close with dramatic falls after House vote
By Michael M. Grynbaum
Reuters, The New York Times
September 29, 2008
Stocks took a deep plunge on Monday after the government's bailout plan — touted by its supporters as a balm for the current market stress — failed to pass the House of Representatives, setting off a fresh wave of anxious selling.
In yet another day that has shaken the embattled canyons of Wall Street, the Dow Jones industrial average fell nearly 778 points, or 7 percent, while the Standard and Poor's 500-stock index lost 106.59 points, or 8.79 percent. The Dow posted its biggest daily percentage decline since the October 1987 stock market crash, while the benchmark S&P 500 had its worst day in 21 years after the House sent the bailout plan to defeat by a vote of 228 to 205.
The fear was most pronounced in the world's credit markets, considered gauges of anxiety among investors. Yields on Treasuries plummeted after the House rejected the plan, with the one-month Treasury note yielding virtually zero.
Banks are charging enormous premiums for short-term financing; the difference between the cost of a three-month loan from a bank, and a three-month loan from the government, rose to the widest point since at least 1984. Other lending rates stayed high.
On Wall Street, the drops were sharp and swift, catching many investors and stock strategists on Wall Street by surprise. Many had expected the measure to be passed in the House, and lawmakers in Congress had suggested as much in comments earlier on Monday.
Instead, traders around the world turned to their television screens to see the votes opposed to the bill adding up, and eventually surpassing those in favor. The banal image broadcast on several television networks — a no-frills table of 'yay' and 'nay' votes — contrasted with the expressions of increasing concern on the faces of workers on the floor of the New York Stock Exchange.
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McCain slams "phoning it in"--then makes some calls
Jim Wallis commentary: Principles in an Unprincipled Crisis
Did [House Speaker Nancy] Pelosi's ad lib doom the deal?
Thomas Frank commentary: Wrecking, Wrecking, Wrecked
Bush Sidesteps Congress? $630 Billion To Be Pumped Into Economy Despite House Bailout Rejection