The stock market rallied several hundred points today, after yesterday’s historic plunge on Wall Street. Monday, stocks dropped 778 points or 7 percent. The biggest point loss ever. Also, the biggest percentage loss since September 17, 2001, the first day of trading after the deadly September 11 terrorist attacks.
The meltdown started when it became clear the highly touted $700 billion financial bailout for troubled institutions would tank in the House of Representatives. Despite dire warning from the president and congressional leaders, many of the House’s rank and file could not stomach a bill that violated a number of their principles nor justify the so-called rescue for Wall Street to the folks back in their districts. The bailout bill failed 228 to 205.
Meanwhile, the financial mess has turned out to be a boon for the publishing industry and some writers. Although the outcome is still very much up in the air, there are a number of book sales and proposals based on the crisis. Some involve big money!
Several proposals were auctioned off last week. Penguin reportedly paid more than $1 million for a book to be written by New York Times’ Joe Nocera and Fortune’s Bethany McLean. Also, another New York Times journalist, Andrew Ross Sorkin, reportedly sold his book, “Too Big to Fail,” to Penguin imprint Viking for $700 thousand.
Earlier this year, a number of other books on the financial collapse were bought and are already in the publishing pipeline.