Dow Jones Drops 780 Points
We seem to be making history on a daily basis. It’s just not the type of history we’d like to be making.
The New York Times has a synopsis of today’s events:
In a moment of historic import in the Capitol and on Wall Street, the House of Representatives voted on Monday to reject a $700 billion rescue of the financial industry. The vote came in stunning defiance of President Bush and Congressional leaders of both parties, who said the bailout was needed to prevent a widespread financial collapse.
To see what’s happening in the S&P 500, one of the most popular indexes out there, and one that provides the backbone of countless mutual funds, check out this graph from Google Finance:
That’s quite a steep decline.
Again, this begs a number of questions. How did we get here? And, perhaps more importantly, now that we’re here, what do I do?
There are lots of incredibly intelligent folks asking these questions right now. And so far, there are very little answers.
