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Financial Crisis − Bush: "Congress must act on decisive action"

Tue, Sep 30 2008, 16:25 GMT
by Marina Schiaffino, Mauricio Carrillo

FXstreet.com


USThe House of Representatives has rejected the Bailout Plan with more than two thirds of Republican congressmen voting against it. Numbers say that 205 representatives agreed, while 228 were against it.

US president, George W. Bush, said that he is "very disappointed" by the outcome of this plan designed by his own administration. After that president Bush has called for an urgent action in order to avoid a "painful and lasting" economic damage, "For the financial security of every American, Congress must act." Bush has affirmed that the legislative process is not over yet, he warned that “consequences of inaction will get worse every day.”

Henry Paulson, Treasury Secretary, spoke at the White House after the voting to warn about the possibility of credit for big and small businesses drying up, which would make them unable to pay salaries or buy inventory. On the other hand, opponents argued that the bill was put up in too much haste and that it could mean using taxpayers money to pay up Wall Street’s wrong practice.

After the black Tuesday, when Dow Jones fell more than 6.9% and S&P 500 fell 8,8%, the markets came back to rise slightly driven by speculating the rescue plan would finally be approved. Today Dow Jones gained 2.2% and Nasdaq 2.6%. S&P 500 - led by 5.5 gain in the energy sector – rose 3.0%. On the other hand, the markets are speculating about the possibility of another FED intra-meeting emergency cut in the following days.


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Published on  Tue, Sep 30 2008, 17:04 GMT


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