Bail out has lobbiest spinning in background
Photo by Gerald: CR 2008
STORY: Bail out planning so far: Washington Post:
Economists warned Friday afternoon, Sept. 26, that if Congress fails to act in time, there will be “bloodbath” on world markets. The warning followed a rebellion in President George W. Bush’s own Republican party which disrupted negotiations on the verge of approving the $700 billion package approved by the White House to save foundering financial institutions by buying bad debts.
It was led by presidential candidate John McCain. Democratic leaders said the insertion of presidential politics had torpedoed seven days of negotiations.
British prime minister Gordon Brown has applied for a share of the bail-out to rescue UK banks.