The House of Representatives voted on Monday afternoon on the $700 billion bailout plan that is said to keep our economy from going into a recession. Despite the President Bush's plea for House Representatives to pass the bill before the economy gets worse, the House of Representatives voted against the bill 228-205.
The bill, which was designed to buy bad debt from lenders has been the buzz over the last few weeks as our economy worsens almost daily it seems. Monday afternoon, after hearing the news, the Dow Jones and NYSE took a nose dive with the Dow Jones having it's lowest single day decrease ever at 777 points. Rejection of the bill also rippled through markets in other countries such as the Bulgaria, United Kingdom and Germany, all who saw major decreases as well.
Many House Representatives are arguing that the bailout plan does not give enough protection to the average tax payer and places too much power in the hands of those overseeing it. It seems that most agree something needs to be done, the problem is they just don't know what that something is.
Needless to say, a plan needs to be put into place quickly before our economy comes to a halt. Many small business and large businesses alike use credit on a daily basis to purchase goods. If goods cannot be purchase then jobs will be lost and the spiral will continue downward with even more hard working Americans losing their homes to foreclosure.