Looks like George Bush has got a major problem on his hands now that the House of Representatives have voted against George Bush’s request for a $700 billion bail out. With the tally of votes standing at 228 to 205 Bush’s reaction was “We’ve got a big problem.” Hmmmm you don’t say. Already Washington Mutual and Wachovia have been taken over by Chase and Citibank respectively and another three high street banks throughout Europe were also either rescued or nationalized in the last month.
The Dow Jones suffered from it biggest drop in a day ever, even after 9-11 it didn’t suffer losses such as this. A bail out deal is the only option says Senator Barrack. Let’s just see what today brings as George has to grovel some more.
But on the flip side, oil has dropped to $96 a barrel so expect gas prices to drop a lil.