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USA: Senate votes yes to revised plan, House to vote again on Friday
Thu, Oct 2 2008, 08:53 GMT
by Allan von Mehren
Overview: The US Senate voted yes to the revised bail-out plan in which the government among other things plans to buy 'toxic' assets from the banks for up to USD 700bn. The revised plan will now go back to the House of Representatives which rejected the original plan on Monday. The House is scheduled to vote on Friday. The revised plan includes new tax breaks and an increase in deposit-insurance limits. We expect the House to also vote yes to the plan and this will be important in order to relieve the banking system from the 'toxic' assets. These assets are a great hindrance for recapitalising the banking system as private investors are reluctant to invest in the banking system as long as the uncertainty over future losses from these assets prevails. The reaction in the markets has been moderate as weak US economic data is also weighing on Asian markets. The S&P500 future is down close to 1% from yesterday.
Published on Thu, Oct 2 2008, 08:55 GMT
Archive
- OECD leading indicators still point to very strong growth
Published On Fri, Nov 6 2009, 13:23 GMT - EMEA markets: Correction time
Published On Tue, Nov 3 2009, 13:17 GMT - EMEA: October PMI slightly disappointing
Published On Mon, Nov 2 2009, 17:22 GMT - China: The recovery gains strength
Published On Mon, Nov 2 2009, 13:04 GMT - Japan: BoJ unwinds non-conventional easing
Published On Fri, Oct 30 2009, 11:38 GMT
Danske Bank
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This publication has been prepared by Danske Bank for information purposes only. It is not an offer or solicitation of any offer to purchase or sell any financial instrument. Whilst reasonable care has been taken to ensure that its contents are not untrue or misleading, no representation is made as to its accuracy or completeness and no liability is accepted for any loss arising from reliance on it. Danske Bank, its affiliates or staff, may perform services for, solicit business from, hold long or short positions in, or otherwise be interested in the investments (including derivatives), of any issuer mentioned herein. Danske Bank's research analysts are not permitted to invest in securities under coverage in their research sector. This publication is not intended for private customers in the UK or any person in the US. Danske Bank A/S is regulated by the FSA for the conduct of designated investment business in the UK and is a member of the London Stock Exchange. Copyright () Danske Bank A/S. All rights reserved. This publication is protected by copyright and may not be reproduced in whole or in part without permission.Related reports
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