Log in to your IBTimes Account

close
ID
Password

2 cities joined in a cycle of angst



By ANDREW TAYLOR, AP
29 September 2008 @ 10:31 pm EST

WASHINGTON - In New York, traders watched in disbelief as the $700 billion financial bailout plan sank like a stone in Congress. In Washington, plugged-in lawmakers knew the stock market was tanking in anticipation of the defeat.


Congress Financial Meltdown
Senate Banking Committee Chairman Chris Dodd, D-Conn., left, and Sen. Judd Gregg, R-N.H., right, conclude a news conference on the failed vote in the House of Representatives on the financial bailout package on Capitol Hill in Washington, Monday, Sept. 29, 2008. (AP Photo/Susan Walsh)
1 of 1

Related Topic

Get stories by e-mail on this topic.

E-mail:

"Down 600!" New York Rep. Joe Crowley yelled to Republican colleagues half an hour into the vote. It would get worse, sinking 777 points for the day.

In New York, trader Theodore Weisberg of Seaport Securities injected an understatement: "People are going to go home and look at their 401(k)s and not be very happy, and these are not just people from New York but Iowa and everywhere else."

Two cities joined Monday in a mutually reinforcing cycle of angst and fear that shook the nation's political and financial foundations and sent the Dow spiraling into its worst one-day loss.

A dismayed Republican House leader, Rep. John Boehner of Ohio, had his hands stuffed in his pockets for much of the vote. He recounted later that he could just not get enough people on his side to support the package. "Nobody, nobody wanted to vote for this," he said. "Nobody."

___

In Washington beforehand, leaders on both sides knew trouble was ahead for a bailout plan more expensive than the Iraq war.

GOP Whip Roy Blunt, R-Mo., laid out the picture for Majority Leader Steny Hoyer, D-Md.: Republicans could deliver 65-70 votes for the package, not enough. About an hour before the vote was to begin, Blunt reported back to Boehner.

"We're going to have a tough time getting there," Blunt said, according to the GOP leader. Together, the two parties needed to change about a dozen minds.

That was tough indeed. Boehner had gone earlier to members "who'd do anything for me." Not this time. "You can't break their arms," Boehner said. "You can't put your relationship on the line."

Copyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

    Click!
  • Rate this article:

Comments

Post Your Comment

You must be an IBTimes member to post a comment. Login | Register


advertisement
More Politics & Policy
A friend of the Missouri woman accused of sending cruel Internet messages to teenage neighbor Megan Meier, who later committed suicide, testified Friday ...
An Arizona prosecutor is seeking to dismiss one of two murder charges against an 8-year-old boy accused of fatally shooting his father and another man.
Democratic leaders ordered Detroit's Big Three automakers Friday to submit what amounts to a detailed loan application to Congress so lawmakers can decid...

Advertisement
Reach emerging Latin American markets!

Baldwin Linguas:
Translations Interpreting Localization:
English French Portuguese Spanish

New york web design

new york web designers specializing in custom web design, joomla web design. Get a free quote today.

Free E-mini Trading DVD

Learn From A Veteran E-mini Trader - Not A Salesman. 100% Guaranteed. Free DVD. USA & Canada Only.

advertisement
 
IBTimes.com Web
Partners
International Business Times© 2008 The Ibtimes Company. All Rights Reserved. Terms of service | Privacy Policy | Advertising | About Us | Contact Us | Archives