Monday, September 29, 2008

$700 billion Bailout Plan FAILS!

Unbelievable the plan was voted down, and now the finger pointing begins. Stocks have been crushed and U.S. dollar interest rate futures are through the roof. Believe me, interbank lending is frozen. I still think they will come together, especially after this reaction.

The U.S. House rejected a $700 billion financial-rescue plan intended to restore confidence in the nation's banking system, dealing a blow to government efforts to contain a lending crisis.

The House rejected by a vote of 228 to 205 the measure to authorize the biggest government intervention in the markets since the Great Depression.

CLICK HERE to read the article on Bloomberg.

It seems the Republican are blaming Pelosi's speech. It seems that 12 Republicans backed out of a yes vote as Pelosi blamed Bush's politics for this mess.

Good Luck and Good Currency Trading



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