Stocks Spike, Slide After Bailout Vote
Stock prices were rising Friday afternoon on the news that the House had passed the financial bail-out bill
By John Eggerton -- Broadcasting & Cable, 10/3/2008 10:10:00 AM
Stock prices were up Friday afternoon, then closed down by 150-plus points after triple-digit gains. That followed the news that the House had passed the financial bail-out bill. The spike came before the bill vote, with sell-offs following the vote.
That bail-out bill included tax breaks and production inducements for TV and movie producers to help stem the defection of production to countries, like Canada, where it is cheaper to make the shows.
Speaker of the House Nancy Pelosi (D-Calif.) had just signed the bill at press time and was sending it to the President. President Bush passed the bill soon after.
The general fallout of the financial crisis has been to freeze up the credit markets. Ion Media President Brandon Burgess put it in personal terms earlier this week, saying without some help from Congress, it could mean jobs and operational shortfalls for media companies.
"Given the very tough economic climate affecting every sector of this economy, we are extremely grateful that this legislation will help save so many jobs that would have otherwise been sent abroad as a result of runaway production," said DGA President Michael Apted in a statement.
The Screen Actors Guild liked what it saw, too. "The Screen Actors Guild applauds the passage of this important jobs incentive." said Pamm Farr, deputy national executive director in a statement. "We believe there is no better time than now to support American workers and American jobs.”
Jean Prewitt, president of the Independent Film & Television Alliance, said passage would be a boon to independent producers.
“IFTA is delighted with Congress’s action in extending the term of IRC 181 in today’s vote," said said Friday. "Its targeted provisions have proven to be of real assistance in keeping independent production and jobs here in the United States. Passage of this extension is the culmination of a long year’s work for IFTA, the DGA and the industry coalition that has supported this important legislation.”
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