Archive for September, 2008
Bailout Plan Fails to Impress, Traders Worried More About Dominoes Effect
Bailout Plan Fails to Impress, Traders Worried More About Dominoes Effect
The Congressional agreement of the $700 Billion bailout plan has proved to be anti-climatic for the stock and currency markets. There was a relief rally in the US dollar Sunday evening, but it lasted for no more than a blink of an eye as more […]
Bailout Vote Fails To Pass, Equities, Dollar, Rates Plummet
Bailout Vote Fails To Pass, Equities, Dollar, Rates Plummet
Preliminary talking points on the bailout plan (not to mention the confidence of the US president and senate party leaders) proved to be optimistic. Put up to a vote at the House of Representatives, the bill was soundly defeated. In response, the S&P 500 dropped 7.2 percent […]
Rejection of Rescue Package, Failure to Get Bill Passed
Rejection of Rescue Package, Failure to Get Bill Passed
The U.S. House rejected the proposed $700B financial sector rescue plan that was looking to provide liquidity to the lending markets. The vote was rejected by 228 to 205 votes, with the immediate reaction being a slide on Wall Street stock valuations. In mid-afternoon trade the Dow […]