The House of Representatives rejected a $700 billion bailout that officials say is necessary to stabilize the U.S. financial system. The Dow fell 500 points after the plan failed.
Under the plan, Treasury Secretary Henry M. Paulson Jr. would spend up to $700 billion to save ailing banks and buy bad assets of other firms.
The vote comes at a difficult time — just over a month before congressional elections. Polls show the bailout plan is unpopular among the public. (The Washington Post)
-Albemarle officials fear the economy could slow their plans to turn Crozet into a destination for locals. Plans include a 20,000-square-foot building for community meetings and a new library. (Daily Progress)
-Richmond electronics retailer Circuit City Stores reported a $239.2 million loss for the second quarter, compared with a loss of $62.8 million the same time last year.
Sales for the company fell to $2.39 billion from $2.64 billion during the quarter as rivals began selling Apple Inc. and Dell Inc. computers.
The company announced last week it was replacing CEO Phil Schoonover temporarily with vice president James Marcum. (Richmond Times-Dispatch)
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