We mentioned (in jest) late last week that “ On tap for next week: the world is coming to an end” and after today, I have to wonder.
Today, the House voted “no” to the Emergency Economic Stabilization Act of 2008 and the markets responded by promptly going in the tank and posting the largest-single-point-drop-in-one-day-in-history.
According to Bloomberg, Secretary Paulson is working with Congress to salvage the “Bailout Bill” after the House rejected it.
“We need to work as quickly as possible; we need to get something done, we believe that our plan, and the plan that we developed with congressional leaders and worked so hard, is a plan that works. And we need a plan that works.”
Yep. That was well said.
WE NEED A PLAN THAT WORKS.
Now if only it was that cut-and-dry…
Stay tuned for more developments as they happen.