On this day, September 29, 2008, the stock market crashed, due to Congressional inaction.

[mahatmakanejeeves]

https://en.wikipedia.org/wiki/September_29

• 2008 – The stock market crashes after the first United States House of Representatives vote on the Emergency Economic Stabilization Act fails, leading to the Great Recession.

This requires some elaboration.

2007–2008 financial crisis

{snip}

History

{snip}

Timeline

{snip}

• September 29, 2008: By a vote of 225–208, with most Democrats in support and Republicans against, the House of Representatives rejected the Emergency Economic Stabilization Act of 2008, which included the $700 billion Troubled Asset Relief Program. In response, the DJIA dropped 777.68 points, or 6.98%, then the largest point drop in history. The S&P 500 Index fell 8.8% and the Nasdaq Composite fell 9.1%. Several stock market indices worldwide fell 10%. Gold prices soared to $900/ounce. The Federal Reserve doubled its credit swaps with foreign central banks as they all needed to provide liquidity. Wachovia reached a deal to sell itself to Citigroup; however, the deal would have made shares worthless and required government funding.

{snip}

[bucolic_frolic]

1. I don't remember that, though I was preoccupied at the time

I remember John McCain rushing to Manhattan to try to save the world, but not the crash

[True Dough]

2. Lesson learned, GOP!

[MichMan]

4. Both the House and Senate were under Democratic majorities

[doc03]

5. They will tell you the Great Recession was caused by Obama winning

the election. I have brought up the fact that everything was shut down during 2020 is the reason
gas was $2 a gallon. Republicans don't remember everything was shut down and oil companies were
paying people to take their oil. They don't remember that or they think Biden was in office in 2020.

[MichMan]

3. This was the TARP or Bank Bailout legislation

[mahatmakanejeeves]

6. You are correct, sir. I added some material to the OP to say something about that.

Thank you, and good morning.

[czarjak]

7. W's administration?