2 numbers affecting each other on TV

[September 30, 2008]  NEW YORK (AP) -- Dual scoreboards on live television flashed the U.S. House of Representatives' vote on a financial bailout and the Dow Jones industrial average. In the end, they both came up losers.

The nation's teetering economy played out in an extraordinary TV drama Monday. No one was certain about what would happen when those numbers finally stopped moving: at 228 to 205 against the bailout and a 777-point drop in the Dow.

"It was riveting," said Alexis Glick, anchor and vice president of business news for the Fox Business Network. "It was both a combination of fear and reality."

News networks showed a count of the House vote on a split screen with the Dow. It was one of those rare political instances where a vote is taken and leadership doesn't really know what's going to happen. As it became clear the bailout package was failing, the Dow plunged 400 points in front of your eyes.

"There was almost an audible gasp as this happened," said Melissa Francis of MSNBC.

The Internet age makes viewers used to the multiple streams of information, said CNN U.S. President Jon Klein. CNN correspondents were taking care to convey the importance of the situation without inciting fear, he said.

"This is not Armageddon," said Ali Velshi, CNN economic correspondent. "The world is not coming to an end."

But Klein didn't necessarily get to everybody. Glenn Beck declared to Wolf Blitzer that the financial crisis will lead us to the Great Depression.

Blitzer noted that economists are saying recession, not depression.

"I do!" Beck said, raising his hand.

For two hours after the vote had been concluded, the Dow continued fluctuating as political finger-pointing began. The average ended with its biggest closing point drop ever.

After plunging about 700 points, the Dow struggled to get back up to a 400-point loss again. The numbers went down again as the news networks aired news conferences of House Republican and Democratic leadership, before recovering once again.

"The downturn happened when the leadership spoke and the upturn happened when the leadership shut up," noted Fox News Channel's Shepard Smith.

He asked colleague Neil Cavuto whether the market was doing its job and spurring a recovery. Cavuto took a breath.

"I don't know, Shep, to be honest," Cavuto said.

The Dow soon went down sharply again.

[Associated Press; By DAVID BAUDER]

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