Dow falls 705 Points after $700 Billion Plan fails to pass in Congress

[XDCX]

Wall Street continues to make history as the market tries to react to the non-stop flow of bad news.

Moments after in became clear that the $700 Billion Plan would fail to pass in Congress the Dow sold off and fell 705 points. As I type this the Dow has rebounded slightly and is now down 505 points.

I was watching CNBC earlier this morning before the vote in Congress and they spoke of a Car Dealer that phoned his Congressman indicating that he cannot make payroll this month because the credit markets are locked up.

This seems to be a classic Main Street -vs- Wall Street battle. The general public hates the $700 Billion Plan because they do not think it will impact Main Street. Tell that to the employees at one car dealership that may not get a paycheck this month. :(

[XDCX]

When I posted this thread the Dow had recovered a couple of hundred points and it looked like the worse part of the storm had passed.

I had no idea that the market would close down 777 points that day. :(

While there has been some recovery over the past few days the markets remain volatile. Some people on Wall Street are now predicting that any bounce the market may receive if the $700 Billion Plan passes will be short lived.

As always, time will tell but there sure is a lot of negativity right now.

[XDCX]

While there has been some recovery over the past few days the markets remain volatile. Some people on Wall Street are now predicting that any bounce the market may receive if the $700 Billion Plan passes will be short lived.

As always, time will tell but there sure is a lot of negativity right now.

Bounce, what bounce?

The market was down when the House passed the $700 Billion Plan and it's getting hammered today.

The Dow is down over 500 points and it has broken through the 10,000 point level for the first time in four years. :(

[XDCX]

The experts on Wall Street are now referring to this as the "Crash of 2008" and no one seems to be willing to call a bottom.

The numbers are staggering and the auto sector seems to be getting hit the hardest. General Motors actually has a lower Market Cap today then they did right before the Great Depression in 1929. It's just amazing.

[XDCX]

For those keeping score at home, you can add this week to the record books as the worst week for the Dow Jones Industrial Average - EVER.

That's right, this week has been worse than the Great Depression, the bombing of Pearl Harbor and the terrorist attacks of 9/11.

There's no question that we're in a recession, the only question now is how deep will it go and how long will it last? :(