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Congress Unveils Bailout Plan, but Will the Markets Respond?
After some late-week political wrangling that also consumed most of the weekend, congressional leaders late yesterday (Sunday) announced their agreement to a detailed version of the long-awaited $700 billion bailout plan that analysts say is crucial to keep the U.S. economy out of a Depression-like downturn.
The bill will be introduced in the U.S. House of Representatives early this morning (Monday) and will then head over to the Senate for consideration by Thursday, Senate Majority Leader Harry Reid, D-Nev., said late last night.
Lawmakers must somehow again steer a path that allows them to traverse taxpayer and (and soon-to-be) voter ire at having…
29Sep2008 | Money Morning | Comments Off | Continued
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