Monday, September 29, 2008

US House rejects massive Wall Street bailout

US House rejects massive Wall Street bailout

WASHINGTON, Sept 29 (KUNA) -- In a stunning economic and political development, the U.S. House of Representatives on Monday defeated a USD-700-billion bailout of failed Wall Street financial firms.

With telephone calls and e-mail from their constituents reportedly running 100-to-1 against the bailout package, enough members of Congress from both the Democratic and Republican parties, feeling their re-election prospects on November 4 were on the line, refused to quickly approve the controversial legislation.

The surprising turn of events saw left-wing Democrats opposed to bailing out Wall Street financiers they blamed for creating the mess, join with right-wing Republicans who viewed the package as a socialistic bailout anathema to free-market capitalism.

Stocks plunged on Wall Street even before the 228-205 vote to reject the bill was official.
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