THE TELEGRAPH: Congressional leaders and the White House have rejected an unprecedented, $700 billion rescue plan designed to ease the flow of credit and restore confidence in the world’s biggest economy.
The lower House of Representatives has defeated the Emergency Economic Stabilisation Act throwing efforts to calm the financial crisis rocking global markets into turmoil.
The vote must now move to the Senate for final approval.
News of the massive bailout package had done nothing to improve sentiment in markets opening ahead of the United States.
As well as the Stock Exchange, the main indices in Japan, Germany and France all fell by between 1.3 and 2.9 per cent.
Despite a 7.30am statement by George W Bush praising the bill as “strong and decisive legislation” that “will help restart the flow of credit”, Wall Street, the target of the bailout, was fearful that the government’s plan to buy bad debt wouldn’t be sufficient to resuscitate nearly frozen credit markets. US Economy: 'Toxic' Wall Street $700 Billion Bailout Rejected >>> By Alex Spillius in Washington | September 29, 2008
THE NEW YORK TIMES:
House Rejects Bailout Package, 228-205; Stocks Plunge: WASHINGTON — In a moment of historic import in the Capitol and on Wall Street, the House of Representatives voted on Monday to reject a $700 billion rescue of the financial industry. The vote came in stunning defiance of President Bush and Congressional leaders of both parties, who said the bailout was needed to prevent a widespread financial collapse. >>> By Carl Hulse and David M Herszenhorn | September 29, 2008
THE NEW YORK TIMES:
Dow Falls Nearly 700 Points >>> By Michael M Grynbaum | September 29, 2008
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