The 88th General Assembly
has convened the 2012 fiscal session

Monday, September 29, 2008

Bailout fails in House vote, Dow plunges 777 points

I'm rounding up the Arkansas votes now:
Update:
Marion Berry: Yes
John Boozman: Yes
Mike Ross: Yes
Vic Snyder: Yes

Here's a link to the bill.

Update II: There's been one switch on the board. 10 more need to change their mind or it fails. Update III: Times runs out, and the motion for reconsideration is tabled -- it's over, and it doesn't sound like there's a Plan B. The House is expected to adjourn. A new vote is planned according to the leadership.

Update IV -- Let the finger-pointing begin: Although the split was hardly along partisan lines, fingers are being pointed in partisan directions. Republicans blame an inflammatory pre-vote speech by Speaker Pelosi on the bill's failure. Her office fires back: "You don't vote on a speech, you vote on a bill." Seems a vote of this magnitude wouldn't be called for a vote without confidence that it would pass. It put American markets (and others that are currently open) in a freefall.

Update V: The Political Fallout: Many are calling this a failure of DC, but Joe Scarborough weighs in on how it affects the presidential race. There's no doubt that it hurts McCain in that (1) he suspended his campaign to work on this legislation, (2) took credit for the bill, and (3) pledged to deliver Republican votes, which didn't materialize. Now, Obama calls on Congress to stay in Washington and get it done. The closing bell provides a merciful end to the day with the Dow down over 777 points -- the largest single-day point drop since September, 2001 ever.