Going, going...(Uh,oh!!)

September 29, 11:56 PMAtlanta Politics ExaminerEric Ture Muhammad

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'Bailout' bill fails in the House;
Dow drops 777 Pts. America needs a doctor.

READ'EM AND WEEP: Dow plummets at end of day Sept. 29.

Trading started rather brisk this morning as both the Asian and U.S. markets focused on what appeared to be "a battle to be won," today in the U.S. House of Representatives. Democrats and pundits alike attempted to assure the world-at-large and Americans up front, that the business sector was secure, the $700 financial rescue was being tweaked to perfection and hopefully make it to the Senate for a vote on Saturday. However, as it became more apparent that all was not secured and the vote was not to pass, by 1:30 this afternoon trading ran south fr the border and th market reflected the largest single day plummet in its entire history.

WHAT HAPPENED?

Well, everyone has a version as to what happened. The real question is what will happen now? A few days ago, it was announced that Wachovia was in search of a merger. As trading peaked today, news broke that Citigroup was purchasing Wachovia, immediately sending the market in a tailspin.

The day before the now infamous table gathering at the White House (see related article,'Git R' Done!' Bush Welcomes Leaders, Candidates to Economic Meeting), Bill Heard one the 11th largest auto dealership in the United States, based in Macon, GA. abruptly shut the doors to every dealership under their charge without warning to employees, customers, creditors or suppliers.

"Bill Heard Enterprises announced  today that it has elected to discontinue all business operations in all of our markets effective September 24, 2008," executives announced in a statement. "Most of the company's approximately 3200 employees will be laid off at that time, although a few will stay on to assist in the closure. The declining automobile market, the high price of gasoline and its effects on sales of the dealership's core products, such as heavy trucks and SUVs, and the difficult financing conditions the automobile industry as a whole has faced because of the subprime lending industry collapse, all contributed to the decision to close the facilities.

"We recognize the adverse impact that this will have on employees and others in the community and extend our best wishes to them as they seek employment. We appreciate the support that the community has provided to the facilities," the statement closed.

 Are, we, now looking to add to the financial meltdown of the U.S. economy?

"Madam Speaker, when was the last time someone asked you for $700 billion? It is a number that is staggering, but tells us only the costs of the Bush Administration's failed economic policies -- policies built on budgetary recklessness, on an anything goes mentality, with no regulation, no supervision, and no discipline in the system. Democrats believe in the free market, which can and does create jobs, wealth, and capital, but left to its own devices it has created chaos," began the words of House Speaker Nancy Pelosi (D-Calif.). Words, GOP members insists cost lawmakers the votes needed to put the measure over. She closed her remarks with: "Today, we will act to avert this crisis, but informed by our experience of the past eight years with the failed economic leadership that has left us less capable of meeting the challenges of the future. We choose a different path. In the new year, with a new Congress and a new president, we will break free with a failed past and take America in a New Direction to a better future."

Republican House Leaders John Boehner (R-Ohio) and Roy Blunt (R-Mo.) say they would have had about 12 more votes if Pelosi had not made those statements.

"Americans are angry, and so are my colleagues," Boehner told reporters after the vote. "They don't want to have to vote for a bill like this." Now, he said, "we need to renew our efforts to find a solution that Congress can support." Pelosi's remarks he said "poisoned our conference."

Rep. Roy Blunt (R-Mo.), the minority whip, chimed in stating, "Some of them were reluctantly there anyway; it didn't take much to turn them off. We'd like to find a way to deliver enough Republican votes to make this happen," he concluded.

"There is a terrible crisis affecting the American economy, we have come together on a bill to alleviate the crisis, and because somebody hurt their feelings they decide to punish the country," said Rep. Barney Frank (D-Mass.), chairman of the House Financial Services Committee, in defense of the Speaker. Frank said he was "appalled" by this reaction and expressed dismay over the "pettiness and hypersensitivity" expressed by the lawmakers.

The 228-205 vote is a stunning denunciation to the Bush administration and Treasury Secretary Henry M. Paulson Jr., and it will continue to create massive anxiety in world markets.