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Oct 01
2008
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Congress tries to Rescue the Rescue Plan!Posted by 0 in stock market, politics |
October 1, 2008
Investors have been watching and waiting for more than a week as Congress tried to hammer out a financial rescue plan for the U.S. banking system and the economy. On Monday the markets were shocked when the bailout plan failed a vote in the House of Representatives. The Dow Jones industrial average lost 500 points in mere minutes as the vote took place and ended up down 777 points. The 777 point drop represented the biggest single-day fall ever outpacing the 684 point drop the first trading day after the September 11, 2008 terrorist attacks.
Citigroup agreed on Monday to purchase Wachovia's banking operations for $2.1 billion. The buyout was arranged by federal regulators, making Wachovia the latest casualty of the widening global financial crisis.
