House Rejects $700 billion Bailout

With the country in the midst of an economic crisis, the Bush administration proposed a $700 billion bailout of Wall Street in order to avoid a financial collapse. According to this article published in The New York Times, the House rejected the bill as of earlier this morning. As soon as the results were released, stocks plummeted even further, causing the Dow industrials to fall more than 5 percent. Supporters of the bill claimed the it was necessary to avoid an economic collapse that would not only affect Wall Street but also millions of Americans, while those who opposed it claimed it might lead to having to use taxpayers' money to fix many bad investments from Wall Street.