House Of Representatives Rejects $700 Billion Bailout Plan
The U.S. House of Representatives rejected on Monday legislation designed to rescue the nation’s troubled financial system. After three hours of debate on Capitol Hill, the shock vote of 228-205 against the measure sent the markets almost instantaneously into convulsions. The Dow Jones Industrial Average plunged 700 points - one of its biggest drops ever. The panic extended to global markets. Brazil’s Sao Paulo stock market plunged 10% and suspended operations. Canada’s S&P/TSX slid 7.1% and Mexico’s Bolsa tumbled 6.2%. Worldwide financial markets had slumped even before the House vote; shares in Hong Kong closed down 4% and in Paris and London they were down 3%. The rejection of the measure came as turmoil in financial markets widened, prompting the Federal Reserve to inject new capital in response to continued strains in short-term funding. In terms of Foreign Exchange Swap Lines - the Federal Open Market Committee authorized a $330 [More...]
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