Wall Street ended a stunning RECORD setting, 777.68 point drop — after the failure of the House vote on the financial bailout bill plan earlier today. The DOW started declining as the vote was shown on television this afternoon. Investors fled to the relative safety of credit markets, worrying that the financial system would continue to sink under the weight of failed mortgage debt. Plenty of credit markets remain closed and shut down as many banks are too afraid to lend, including loans to other bank branches. The DOW closed the day down 777.68 points, -6.89%, beating its previous record set on the first trading day after the Sept. 11, 2001 terror attacks. Still, in percentage terms, the decline remained well below the more than 20% drops seen on Black Monday of October 1987 and at the beginning of the DEPRESSION.
Many people today on Wall Street thought that the financial bailout bill would ultimately pass, but it didn't. Investors faced other worries about the banking system. Wachovia became the latest big bank to be rescued from its overwhelming bad mortgage debt, agreeing to a federally brokered buyout of its banking operations by Citigroup Inc.
Crude oil fell $11.39 to $95.50 a barrel on the New York Mercantile Exchange as investors feared that a worsening economy would slice into energy demand. If the decline holds, it would be oil’s largest EVER one-day drop.
Wall Street is also worried about overall sluggishness in the world’s economy. In the U.S., for example, unemployment now sits at a FIVE-YEAR HIGH at 6.1%. That rate is expected to increase, perhaps putting further pressure on consumer spending, which accounts for more than two-thirds of the nation’s economic activity.
With all of the good jobs moving overseas and everything being made in China, the economy will fall even more. Most of the factories and production plants are being shipped overseas. With most of EVERYTHING being made in China for pennies, the Chinese will be in control of everything and will probably be in control of the entire import/export world. They will regulate the cost of anything being sold/ made and can jack the price up 50% more than actual value. Ultimately, it will be up to them. If we don't have the money then don't spend it.
ISN'T THIS SUPPOSED TO BE A CAPITALIST COUNTRY NOT A COMMUNIST ONE???
Hugh Hefner asked Sarah Palin to pose for PLAYBOY if she doesn't get elected as Vice President. He's convinced the magazine will fly off the shelves if she agreed. Hefner tells OK! magazine, "Palin would make a great centerfold. I don't know what it is, but there's something about a really sexy-looking woman wearing glasses. Imagine what she's like when those glasses come off. It would be a new definition of the word vice in vice president." 
