Bush's proposed $700 billion financial bailout plan was rejected today, when the House vote turned against the measure due to the many risks, sending the Dow down 700 points, CNN reports.

Less than 1/3 Republicans were in favor of the bill.

President Bush is said to be "very disappointed".

The core of the bill is for the government to purchase troubled assets, which some Republicans argue would be a blow against economic freedom, weighing either a loss of short term prosperity or a long term loss of economic freedom. Once the government enters the financial market, it will not leave.

Supporters of the vote were scrambling to put the bill up for another vote.

[image source: TheEconomist]

After 13 years, Warren Buffet took Bill Gates for the No. 1 spot on Forbes magazine annual Billionaires list.

1. Warren Buffett
2. Carlos Slim Helu
3. William Gates III
4. Lakshmi Mittal
5. Mukesh Ambani
6. Anil Ambani
7. Ingvar Kamprad
8. KP Singh
9. Oleg Deripaska
10. Karl Albrecht
11. Li Ka-shing
12. Sheldon Adelson
13. Bernard Arnault
14. Lawrence Ellison
15. Roman Abramovich
16. Theo Albrecht
17. Liliane Bettencourt
18. Alexei Mordashov
19. Prince Alwaleed
20. Mikhail Fridman

[source: Forbes]