Bailout Plan Rejected

The United States Congress shot down a bailout plan today despite strong pleadings by the Fed Cheif and the President. The main argument for the congressmen/women against the ill was that it was another push on the slippery slope towards socialism. Some also questioned why more government money should be thrown after the $200 billion takover of Fannie Mae and Freddie Mac, the $85 billion to save AIG and the $30 billion for Bear Stearns. This morning the DOW fell over 700 points, while gold rose 30 dollars per ounce.

At the end of the day the DOW fell 777 points and the NASDAQ fell 200 points, the biggest point loss in United States history.