I think that's what we should be doing.
BRACE BRACE BRACE
Well, should have been doing since the proverbial hit the fan.
WASHINGTON -- The House of Representatives delivered a stunning defeat to legislation designed to rescue the nation's troubled financial system, sweeping aside a call from President Bush to "send a strong signal" of confidence to markets at home and abroad.
The 228-205 vote Monday exposed deep unease among rank-and-file lawmakers in both parties with what would be an unprecedented intervention in the private sector. The vote came as turmoil in financial markets widened, prompting the Federal Reserve to inject new capital into credit markets and forcing the government-arranged sale of Wachovia Corp. to Citigroup.
Monday, the Dow Jones Industrial Average plummeted 777.68 points, its biggest one-day drop in history. It ended down 7% at 10365.45, down 9.3% since crisis erupted a few weeks ago on Wall Street following the meltdown of Lehman Brothers Holdings. All 30 of the blue-chip indicator's components fell Monday.