Wachovia collapsed today and was sold off with government assistance to Citibank. This comes after Washington Mutual failed last week. This sh*t is no joke, the stock market is headed for a complete crash today after Congress failed to pass a bailout plan:
The fate of the Bush administration’s $700 billion financial bailout plan was abruptly thrown in doubt Monday as a House vote turned against the controversial measure.
The next steps were not immediately clear but supporters were scrambling to put it up for another vote.
What was supposed to be a 15-minute vote stretched past the half-hour mark as leadership scrambled for support.
Investors who had been counting on the rescue plan sent the Dow Jones industrial average down as much as 700 points while watching the measure come up short of the necessary support, before rebounding slightly. The key stock reading was down more than 500 points.
Jesus Take The Wheel! You better believe we haven’t even “felt” the real heat yet. With all the trouble, at least Obama will likely get elected to try to turn this sh*t around.
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