Update: House approves $810 billion bailout
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11:30 a.m. PDT: An hour after the bailout passes, the Dow turns negative, down 41 points. Reader commentary on the bill is pretty negative too. Highlights:
Jeremy: This is a sad day for America.Ed the Renter: This is the day the dollar died.CraigW: This is infuriating. Throw these morons out of office.CompaJD: Get your Pitchforks!!!!!
A couple of commenters have written in defense of the House, and the bailout:
Jim Thomlin: No, this is a great, day. Although still, even with financial armageddon on the table, 171 congressman STILL didn’t have the guts to do what is right, and that is pass this bill. I’m sorry but the average person HAS NO IDEA what’s at stake here.
Add your comments in the comment section, or click below to continue reading L.A. Land’s earlier coverage of the House vote, in which the bailout was approved, 263 to 171.
10:40 a.m. PDT: Mixed reaction to the House approval of the bailout bill. One commenter complains: ‘What a piece of dung. This just makes me sick.’ Another, however, compliments the House: ‘All I can say is GOD BLESS AMERICA!!! About time the house did something right!’ Mixed reaction on Wall Street too: The Dow gives back more than half of an early rally, is up 91 points.
10:36 a.m. PDT: Dow now bouncing a bit, up 137.
10:32 a.m. PDT: The Dow is slipping, now up just 77 points. Why the sell-off? If you haven’t noticed, the economy stinks.
10:28 a.m. PDT: Final tally on the bailout vote is 263 to 171. The Dow is up 174 points. ‘Anticlimactic,’ says the CNBC reporter on the NYSE floor.
10:27 a.m. PDT: The Dow is slipping a bit, but still positive for the day, up 159.
10:26 a.m. PDT: Voting is over, the $810 billion bailout bill has passed the House.
10:24 a.m. PDT: Yes 254, no 167. The Dow is up 219 points. Worth noting: Wall Street wise man Art Cashin told CNBC this morning that the worst-case scenario he could envision today was: The bailout passes the House, yet stocks sell off anyway.
10:22 a.m. PDT: Yes 231, no 148. There are 84 Republican ‘yes’ votes, up from 65 earlier in the week.
10:20 a.m. PDT: Yes 192, no 108. To this point, 71 Republicans are voting ‘yes’ -- earlier in the week, only 65 Republicans voted yes. There are at least six Republicans who have switched their vote from ‘no’ to ‘yes.’
10:18 a.m. PDT: Yes 168, no 86. Among Republicans, the vote is 65 for, 55 against. Dow is up 241 points.
10:16 a.m. PDT: Yes 141, no 66. CNN’s Frank Sesno notes the salient public emotion about the current situation is anger: ‘Anger at Wall Street, anger at Washington, anger at the Congress, anger at the White House.’
10:14 a.m. PDT: Yes 120, no 54.
10:12 a.m. PDT: Yes 111, no 43. To this point, the Republicans in the House are favoring the bailout 44-29.
10:09 a.m. PDT: Yes 91, no 35. The Dow industrials are up 293 points.
10:08 a.m. PDT: CNN reports its count shows that 19 ‘no’ votes from earlier this week have switched to ‘yes’ votes.
At 10:07 a.m. PDT: Yes 57, no 22