The House of Representatives has finally reached a decision on President Bush’s bailout bill. The bill was narrowly…rejected. Since then, Wall Street has fallen apart…again. The Dow Jones industrial markets closed almost 800 points down. The Standard and Poor’s 500 index is off 106 points. The Nasdaq Composite Index is off almost 200 points. Citigroup also bought all of Wachovia’s assets. All of this is because the House of Representatives rejected the bailout bill.

The biggest industries to suffer today have been the technology industry and the energy industry. Worries that all of the economies around the world are slowing down have caused the slow down. Consumers around the country aren’t the only ones who were shocked by the vote. Traders of Wall Street were shocked that the bailout bill vote ended up the way it did. However, it is possible that each side will take part to negotiate a new version of the bill.

Now, let’s look at the Citigroup situation. The Federal Deposit Insurance Corporation has again facilitated another acquisition. It was announced this morning that Citigroup will acquire all of Wachovia’s banking operations. The FDIC was sure to clarify that Wachovia did not fail. It further went on to state that all of its depositors were and still are protected. This acquisition is to help Wachovia’s burdens from the mortgage loan mess.

Gas prices are still affecting our economy. The price of crude oil dropped from $106.89 to $96.37. This is because there are so many concerns about the global demand being completely weakened.

The initial bailout plan that was proposed by the Bush administration has been tweaked several times. Both sides, the Democrats and the Republicans, worked all weekend long on a bill that would please both sides. Here is what they came up with:

1. The bailout plan legislation will be expanded to include the bad assets of pension plans, local governments and small banks.

2. Includes a Republican demand that would allow the government to insure the value of some of the bad loans and toxic securities instead of buying them outright.

3. New executive-compensation limits would be part of the legislation that prevents “golden parachutes.”

4. The government would get $250 billion up front, with an additional $100 billion based on the president’s approval. The remaining $350 billion would have to undergo congressional review.

Lawmakers are confident that this new bailout bill will pass in the next few days. Until then, our economy continues to go downhill.

The race for the White House is in full swing. Barack Obama and John McCain continue to battle it out before the actual election in November. Barack Obama and Joe Biden remain on the Democratic ticket. John McCain and Sarah Palin are the Republican’s choice. Barack Obama has just gained his first clear lead of John McCain. It appears as though the state of the economy is having a negative affect on John McCain’s ratings.

The Washington Post-ABC News national poll has just been released. This poll shows the clear lead that Barack Obama has over John McCain. Only 9 percent of the people who took the poll rated the economy as either excellent or good. This is the first time that number has been a single digit number since before the 1992 election. Only 14 percent of the people polled said the economy was headed in the right direction. This is also a record low number. The last time this number reached such a low percentage was back in 1973.

Apparently, votes are more confident in Obama’s ability to readjust the economy than they are with McCain’s. Obama’s financial platform has clearly given him the lead of McCain…at least for now. Voters tend to think the Obama is more in tune with the real financial problems that Americans face. The poll shows that he has a double-digit advantage when it comes to handling the problems on Wall Street. The ratings show that Obama has “won over” 52 percent of voters, while McCain struggles to hold onto his 43 percent. It was only two weeks ago when the race was virtually neck and neck. That goes to show you how bad and drastic things have gotten in only two weeks time.

Voters are putting more emphasis on the economy now than ever before. Regular people, like you and me, want to see a change in the economy. A change for good. People are worried that the “Next Great Depression” is right around the corner. Voters want to be assured that their financial situations, their jobs, their careers, etc are going to be protected. Apparently, voters are more comfortable with Obama’s promise to re-stimulate the economy.

The poll shows the 52 percent of people are extremely concerned with the way the economy is going. These people “believe the economy has moved into a serious long-term decline.” College students have again turned the tide of the race. White people who do not have college degrees support John McCain by 17 points. Obama is supported by white people who do hold college degrees by 9 points.

The economy will continue to be a major factor in the 2008 Presidential Election. Take the time to study each candidate and vote for the one who has the strongest values that correlate with your own. Let’s make sure we elect a competent President who can turn the economy around, whether that be Obama or McCain.