UPDATE: NEWT IS NOW FOR 'BAILOUT.'
I don't see how Nancy Pelosi can look the American people in the eye and blame this mess solely on Republicans. She's despicable beyond belief and does not have this country's best interest in mind or in heart. She's partisan and dishonest down to the the tips of her talons.
And Hank Paulson (former liberal Master of the Universe turned wannabe Master of Capitol Hill) should be ashamed for pandering to the likes of Pelosi who's going to play this thing, and him, like the harpy she is. Nancy is an utter disgrace to American politics, professional women of all political persuasions and the people she was elected to serve. Hers is a legacy of failed, partisan leadership that's the most disgraceful thing I've seen in my lifetime.
At 2:43 p.m. EDT, the NYSE composite crashed 7.2% to its lowest levels in nearly four years. The Nasdaq plunged 6.5%, nearing its July 2006 low. Meanwhile, the S&P 500 and Dow crumbled 6% and 4.5%, respectively.
Goldman Sachs (GS) tumbled 15.75, or 11%, to 122.28 in heavy trading. It had sunk as low as 105 immediately after Congress' vote results were known. According to the Financial Times, the company is seeking to buy up to $50 billion in assets from troubled banks as it makes its own transition into commercial banking. Morgan Stanley (MS) dropped 3.50, or 14%, to 21.25. It agreed to sell a 21% stake to Mitsubishi UFJ Financial.
On the upside, gold settled at $894.40 an ounce, up $5.90. But in after-hours trading, the metal jumped to $909.70 an ounce. The VIX spiked 32% to an all-time high. Elsewhere, crude plunged $10.52 to $96.37 a barrel.