Monday, September 29, 2008

Does the Market Know How Congress Works?: Redux

Final Tally:

228 Nays
205 Yeas

I am surprised that this did not pass, but I am not shocked that the Republicans did not turn out for a lame duck President. Loyal reader Flip makes a good point: perhaps the House pressed the vote today so it WOULD fail. The lack of a package pushed the Dow to a 777 point loss today. When voters see their financial assets smacked around in the morning's paper, they might not object as vehemently to the bail out. Without the threat of a voter backlash, the House can pass a revised bill and save face.

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