Dow posts worst-ever point decline

I’m sure everyone has seen this by now, but of course the big question is, what happens next? The Dow can drop a few hundred points that really isn’t the end of the world. The bigger question is, will there be another attempt for the bailout and what are the banks going to do in the mean time? Bank of America is already buying out Merrill Lynch for $50 billion, for a whole slew of reasons I’m not sure I understand and now Wachovia has announced they will sell themselves to the highest bidder. Shaky ground indeed.

Will the banks be able to work out these problems amongst themselves? Is another bailout in the works and is it even necessary? And if the bailout does come, will it just spread things too thinly and will the slightest hiccup in the economy bring the whole thing crashing down anyway?

NEW YORK – Wall Street ended a stunning session with a huge loss Monday, with the Dow Jones industrial average plunging 778 points — its largest point drop ever — after the failure of a House vote on the financial bailout plan.

Wall Street started tumbling as the vote was shown on television Monday afternoon, sending investors fleeing to the relative safety of credit markets, worrying that the financial system would continue to sink under the weight of failed mortgage debt.

Dow posts worst-ever point decline

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