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Even before the vote, Asian and European markets had plummeted on fears the crisis was spreading, while U.S. regional lender Wachovia became the latest big bank to succumb to the crisis.
And global money markets were frozen even as central banks poured hundreds of billions of dollars into the financial system to persuade financial firms to stop hoarding cash.
"There's a monster amount of fear out there. This is global contagion. It's no longer just the United States," said Joe Saluzzi, co-manager of trading at Themis Trading in Chatham, New Jersey.
The House of Representatives voted 228-to-205 against a compromise bailout plan that would have allowed the Treasury Department to buy up toxic assets from struggling banks. House Republicans, in particular, balked at spending so much taxpayer money just before the November 4 U.S. elections.
Originally posted by TH3ON3
No one in their right mind should rejoice over this. I state again, most fail to realize how disasterous this would be to mainstreet USa. Pensions worth nothing, credit unable to be extended, jobs lost, crime on rise.
Do the math, this is no cause for rejoicing. Except of course if you are for a one world government in which most of our freedoms will be taken away.