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Disbelief, disappointment, dismay -- these were the emotions expressed throughout Asia Tuesday after U.S. lawmakers unexpectedly rejected a $700 billion bailout plan for the financial industry.
In the end, the financial markets did not stand a chance against voter antipathy, partisanship and election year politics
Democratic leaders pledged to try to put together another financial rescue bill, but it was unclear whether there was enough support for even a revised plan. Watch the accompanying videos to watch how the lawmakers reacted during the press conferences after the house rejected the bailout bill:
A number of Republican House members and staff, along with others who are plugged in, are telling me that Nancy Pelosi and the Democrats will come back with a new bill that includes all the left-wing stuff that was scrubbed from the bill that was defeated today in the House.
This is an embarrassment to both Democrat and Republican leadership. House Republicans will be vilified in the press with headlines like "Dow Drops 700 Points As Republicans Don't Pass Bailout Plan."
The House defeated a $700 billion emergency rescue package on Monday, ignoring pleas from President Bush and congressional leaders to bail out the financial industry. Watch the accompanying videos to hear what some congressmen and senators said about the bailout plan.
A Louisiana political wag famously said “Vote for the adulterer; it’s important’. He was referring to a congressional face off between a highly corrupt machine politician, and a reformer who had once consorted with prostitutes.
During its weeklong deliberations, Congress made many changes to the Bush administration’s original proposal to bail out the financial industry, but one overarching aspect of the initial plan that remains is the vast discretion it gives to the Treasury secretary, says the New York Times.
Sen. Edward Kennedy, who is being treated for brain cancer, has been taken to a hospital near his Cape Cod vacation home after complaining of feeling ill.
The single-biggest mistake in the Paulson bank-rescue-plan marketing effort has been the failure to explain clearly how taxpayers are going to recoup $700 billion used to buy toxic assets at auction in order to unfreeze the banking system.
The U.S. Mint is temporarily halting sales of its popular American Buffalo 24-karat gold coins because it can't keep up with soaring demand as investors seek the safety of gold amid economic turbulence.
As we watch the TARP support unravel in an ugly way on Capitol Hill, the situation is closely resembling the core structure of every successful television show from "House" to "Baywatch." Let's run through this 4 act comedy/drama.
The financial crisis roiling markets in the U.S. and around the world underscores the importance of taking a global perspective, former President Clinton said at the start of his summit of world leaders and celebrities.
Stocks logged a 200-point gain amid news that lawmakers are close to reaching an agreement on a Wall Street bailout.
Rates on 30-year mortgages, which had been falling for five weeks, jumped sharply this week, reflecting the turbulence in global credit markets.
I thought he was pretty good. Kinda gave us some economic history about the mortgage credit collapse. Might have said a bit more on the taxpayers making good money as the mortgage loans are auctioned off and then worked out profitably.
The economic crisis and raw politics threatened to derail the first presidential debate as John McCain challenged Barack Obama to delay the Friday forum and join forces to help Washington fix the financial mess. Obama rebuffed his GOP rival, saying the next president needs to "deal with more than one thing at once."
Americans are split on supporting the Bush administration's rescue plan for Wall Street, according to a new NBC News-Wall Street Journal poll.
The Treasury’s bailout plan for Wall Street will also benefit Main Street, Bill Gross, founder and chief investment officer of investment management firm Pimco, told CNBC Wednesday.
In whatever form it takes, the government rescue plan for the nation's financial system should provide an entry point for investors looking to buy bank stocks again.