Bailout vote fails in the House

Bailout vote fails in the House.

U.S. stocks plunged and the Standard & Poor's 500 Index tumbled the most since 1987 after the House of Representatives voted down a $700 billion plan to rescue the financial system. The stock market swooned today, but nothing like October 19, 1987, when the DOW dropped 22.6 percent. Today's plunge was 7 percent. The 5th worst day in the history of the DOW was December 18, 1899 when it plunged 8.7 percent.

The only member of House from South Carolina to vote NO on the Wall Street bailout was J. Gresham Barrett. You may want to drop him a thank you note.

J. Gresham Barrett (R-03)
Address: 439 Cannon House Office Building, Washington DC 20515-4003
Telephone: 202-225-5301
Fax: 202-225-3216
E-mail: web form

These S.C. members of the House voted YES for the bailout. You may wish to drop them a note questioning their sanity.

• Henry E. Brown Jr. (R-01)
  Address: 1124 Longworth Office Building, Washington DC 20515-4001
  Telephone: 202-225-3176
  Fax: 202-225-3407
  E-mail: web form
• Joe Wilson (R-02)
  Address: 212 Cannon House Office Building, Washington DC 20515-4002
  Telephone: 202-225-2452
  Fax: 202-225-2455
  E-mail: web form
• Bob Inglis (R-04)
  Address: 330 Cannon House Office Building, Washington DC 20515-4004
  Telephone: 202-225-6030
  Fax: 202-226-1177
  E-mail: web form
• John M. Spratt, Jr. (D-05)
  Address: 1401 Longworth House Office Building, Washington DC 20515-4005
  Telephone: 202-225-5501
  Fax: 202-225-0464
  E-mail: web form
• James E. Clyburn (D-06)
  Address: 2135 Rayburn House Office Building, Washington, DC 20515-4006
  Telephone: 202-225-3315
  Fax: 202-225-2313
  E-mail: web form

Face it. You really want to know what the Paulson bailout plan would have done with respect to your financial circumstances. Spengler offers an opinion: "Paulson's plan likely will provide temporary relief to the stockholders of some American banks, whose balance sheets do not look all that different from Washington Mutual's. But this has nothing to do with the larger problem, namely the de-leveraging of the American household." Wealth in Shrink Mode (Spengler trots out some data worth reviewing!)

(Clipped from Wrisley.com)