In an historical event the House of congress passed the modified bailout bill on Friday. As you know, the earlier version of the bill was defeated in the House on Monday but after some modifications it was passed by the senates on Wednesday. The government succeeded in convincing some republicans who voted against the bill on Monday with the additions into the bill.
American president, Bush, after the bill was passed in the House, Said “By coming together on this legislation, we have acted boldly to prevent the crisis on Wall Street from becoming a crisis in communities across our country”.
263 House members voted in favor of the bill and 171 voted against it. 26 Republicans, among the members who had originally voted against it on Monday voted in favor of the bill, while additional 32 Democrats voted in favor.According to voting results, 172 Democrats voted in favor of the bill while 62 opposed it; and 91 Republicans voted for it and 108 voted against it.
On Friday Dow Jones was down 157 points or down 1.5 % from Thursday’s close. On point basis this week was the biggest loss(818 points) of Dow Jones in the year and third biggest in the history.
Sathish Emmadi
Sathish Emmadi is a co-founder & editor at Lastbull.com. He is presently working in IT for one of the world’s top mutual fund companies. Handled multiple projects in BFSI (Banking,Financial Services and Insurance) domain. An Engineering Graduate from NITW.
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