BAIL OUT = FAIL

:::UPDATE:::  

the Dow Jones closed -777.68 the biggest % drop since the days after september 11th… and actually the largest point drop in history.  This is a huge day in the history of the United States. 

The BAIL OUT FAILED. 

The House of Representatives voted against the $700B Bail out package proposed.

The gavel has not dropped officially on the vote but right now its 205 YAY vs 228 NAY so unless they do some dramatic switch and some votes change, then get ready to absorb your Nasdaqs getting kicked.  The stock market is currently down over 600 Points.

::UPDATE::  The market has rebounded slightly from the previous low over 700 points.  right now it is down just over 500.  CNBC article

“Passage of the plan is just step one. Step two is execution, and there remains considerable uncertainty about how assets will be purchased,” said Michael Pond, – bond strategist Barclays Capital 

::UPDATE 2::

President Bush is stated as saying he is “Disappointed in the outcome of the failed bail out.”  He is going to meet with advisors today and try and find a solution