Tuesday, September 30, 2008

Wall Street's Towering Inferno...The Morning Headlines

Koji Sasahara/The Associated Press
The drop reinforced fears on Wall Street as investors wondered whether the bailout plan would eventually pass the U.S. Congress. On Tuesday, Asian stocks plunged in early trading.

Issei Kato/Reuters
Stocks plummeted across Asia in panic selling following the U.S. House's rejection of a $700 billion Wall Street bailout.
The House is expected to vote Monday on a $700 billion economic bailout. Here, the U.S. Capitol is seen on Monday morning.
By Mark Wilson, Getty Images

Wall St carnage after banking bailout rejected

The Dow Jones index fell 777 points, a fall of 7 per cent and the biggest drop in a day ever recorded. Watch video

Bailout Turmoil

William Greider: Bowing to public outrage, the House rejects the bailout and Wall Street swoons. It's another deep shock to the system--but an invigorating moment for democracy.

US bailout plan rejected; 1.2 trillion lost in six hours

30 Sep 2008, 0530 hrs IST , REUTERS

In a vote that shook the government, Wall Street and markets around the world, the House of Representatives defeated a $700bn bailout plan for the US financial system.

An electronic board of a Japanese securities firm shows the Dow Jones av...
During today’s record Dow Jones nosedive, American investors lost close to a $1 trillion dollars. So what does it all mean to you? We turned to ABC News financial contributor Mellody Hobson for... [continue]
The World Newser
9:00 PM
The Treasury Secretary said today without the rescue package there will be a credit crunch -- businesses won't meet payrolls -- or purchase inventories. People won't be able to get car loans, college... [continue]
Political Radar
7:05 PM
ABC News' George Stephanopoulos reports: There are meetings going on right now on Capitol Hill to try to figure out what to do about the $700 billion Wall Street bailout bill that failed to pass the... [continue]
The bailout implodes
By Jared Allen Posted: 09/29/08 08:11 PM [ET]
The historic $700 billion bill aimed at rescuing the ailing financial sector went down in a stinging defeat in the House on Monday, leaving Democrats and Republicans pointing fingers as worldwide markets plunged.

Blunt’s count was 10 short
By Jackie Kucinich Posted: 09/29/08 08:09 PM [ET]
When Minority Whip Roy Blunt (R-Mo.) went to the floor on Monday, he anticipated that 75 House Republicans would vote for the revamped financial rescue package.

Pelosi: We promised half, delivered more than half
By Mike Soraghan Posted: 09/29/08 08:07 PM [ET]
Even before the final vote was tallied, Democratic House leaders blamed their Republican counterparts for the bailout package’s failure.
Crushing failure for lobbyists
Posted: 09/29/08 08:04 PM [ET]

The House’s rejection of the Treasury’s Wall Street rescue plan was a defeat not only for the congressional leaders who backed it but also for the business groups that had urged Congress to act.

The U.S. Chamber of Commerce and National Association of Manufacturers warned lawmakers over the weekend that it would “score” the vote, meaning a “no” vote would affect the ratings these groups give to lawmakers at the end of each legislative session. Groups like the American Trucking Associations and the International Franchise Association said the bailout was necessary to avoid a severe economic downturn.

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