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September 30, 2008

Dow Falls Record 778 Points; Stocks Lose $1.2 Trillion
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The vote shocked many investors. On Wall Street, the Dow Jones
Industrial Average fell nearly 778 points—its worst single-day point
loss ever. Stocks lost $1.2 trillion in value on Monday in what is being
described as Wall Street’s blackest day since the 1987 crash. Despite
the setback, President Bush said a new relief package for Wall Street
will be put forward.

President Bush: “I was disappointed in the vote with the United States
Congress on the economic rescue plan. We put forth a plan that was big
because we’ve got a big problem. I’m going to be talking to my economic
advisers after my meeting here with the president and will be working
with members of Congress, leaders of Congress, on a way forward. Our
strategy is to continue to address this economic situation head on. And
we’ll be working to develop a strategy that—that will enable us to
continue to move forward.”

The Washington Post described the vote as President Bush’s worst
legislative defeat. On the campaign trail, both Barack Obama and John Mc
Cain called on lawmakers to support a new bailout package. The impact of
the House vote was felt around the world as stock values dropped in
Asia, Australia and Europe. Australian Prime Minister Kevin Rudd urged
US lawmakers to approve a bailout.

Kevin Rudd: “The decision by the United States Congress not to pass the
measure by the US administration for the stabilization of US financial
markets is disappointing. This is a bad development. I’ve spoken this
morning to the Australian ambassador to the United States, and our
understanding is this measure or a similar measure will be represented
to the United States Congress later this week. I’ve spoken also to the
British Prime Minister this morning, Gordon Brown. The attitude that
we’ll adopt and I believe other friends and allies of the United States
will adopt is to urge the United States Congress to pass this or a
similar measure when it’s represented to the Congress later this week.
This is necessary for the stabilization of US financial markets. It’s
necessary for the stabilization of the global financial markets.”



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