House Defeats Bailout Bill

By: news@kake.com
By: news@kake.com

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The House on Monday defeated a $700 billion
emergency rescue package, ignoring urgent pleas from President Bush
and bipartisan congressional leaders to quickly bail out the
staggering financial industry.

Only one member of Kansas' congressional
delegation voted in favor of the Wall Street bailout legislation.

Democratic Rep. Dennis Moore, of Lenexa, was the state's lone
vote to support the $700 billion rescue plan.

The measure that Congressional leaders spent all weekend
negotiating failed 228-205 in a mid-afternoon House vote Monday.

The bailout plan is an unpopular one, but it's one that House
leaders say is necessary to prop up shaky financial institutions
and free up frozen lines of credit.

Opposing the measure were Democratic Rep. Nancy Boyda, of
Topeka, and Republican Reps. Todd Tiahrt, of the Wichita area, and
Jerry Moran, of western Kansas.

Stocks started plummeting on Wall Street even before 228-205 to
reject the bill was announced on the House floor.

The stock market is plunging precipitously, with
the Dow Jones industrials down as much as 700 points, as traders
feared the financial bailout package would not pass the House.

As the vote was shown on TV, stocks plunged and and investors
fled to the safety of the credit markets on fears that the
financial system would keep sinking under the weight of failed
mortgage debt.

The Dow fell 705 points, then regained some ground to trade down
462 at 10,681.


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