Rescue/Bailout Bill Signed Into Law

The Emergency Economic Stabilization Act of 2008, or as its better know the Rescue/Bailout Bill passed in the House and was signed into law today by President Bush.


http://clerk.house.gov/evs/2008/roll681.xml

"FINAL VOTE RESULTS FOR ROLL CALL 681
(Democrats in roman; Republicans in italic; Independents underlined)

H R 1424 YEA-AND-NAY 3-Oct-2008 1:22 PM
QUESTION: On Motion to Concur in Senate Amendments
BILL TITLE: Emergency Economic Stabilization Act of 2008

Yeas Nays PRES NV
Democratic 172 63
Republican 91 108
Independent
TOTALS 263 171"


The first attempt at passing this bill failed in the House while the Dow fell more than 777 points (Berman Post: Markets Take Historic Dive). Right before the bill passed in the House this time around the Dow was up around 300 points. At closing today, the Dow was down well over 150. All told, that is more than a 450 point downward swing.


http://www.bloomberg.com/markets/index.html?Intro=intro_markets

"Market Snapshot

DJIA 10,325.38 -157.47 -1.50%
Nasdaq 1,947.39 -29.33 -1.48%
S&P 500 1,099.23 -15.05 -1.35%"


What effect will the $700 Billion (minimum) price tag have on our markets, politics, and economic system? Check back in a year and hope we are still a free market capitalist society that has not bankrupted itself or our future.