House Passes Economic Stabilization Act
Kurt Brouwer October 3rd, 2008
The U.S. House of Representatives reversed course and passed the Economic Stabilization Act of 2008, otherwise known as the bailout bill. As we have seen quite a bit lately, when the news of the seemingly-positive news crossed the wires, the stock market fell. Though it seems odd to normal folks, this is typical ‘buy on the rumor, sell on the new’ behavior from traders.
The vote was pretty solidly in favor with 263 in favor and 171 against. That statistic no doubt prompted in your mind — as it did in mine — this question. Who was the one who missed the vote? After all, 263 and 171 equals 434 and there are 435 members of the House.
With Senate approval already in, we can expect President Bush to sign this legislation into law quickly. Whether it will ease the panic and paranoia in the credit markets is another question for another day.
- Business , Economy , Geopolitics , Money , Personal Finance
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