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http://news.yahoo.com/s/ap/20080929/ap_on_bi_ge/financial_meltdown_1551

In a stunning vote that shocked the capital and worldwide markets, the House on Monday defeated a $700 billion emergency rescue for the nation’s financial system, ignoring urgent warnings from President Bush and congressional leaders of both parties that the economy could nosedive without it.

Stocks plummeted on Wall Street even before the 228-205 vote to reject the bill was officially announced on the House floor.

As a digital screen in the House chamber recorded a cascade of “no” votes against the bailout, Democratic Rep. Joe Crowley of New York shouted news of the falling Dow Jones industrials. “Six hundred points!” he yelled, jabbing his thumb downward. The decline was about 650 points shortly before the close of the trading day.

The events of the past month have made me realise that I much prefer studying history to participating in it.

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