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White House plans new bailout deal

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    White House officials scrambled to structure a new proposal that would attract reluctant lawmakers. (Reuters)

    Behind the bluster, lawmakers pledged to work again. Hoyer met with House Republican Whip Roy Blunt of Missouri, one of the lead GOP negotiators from the House.

    Blunt, noting that the House would break for the Jewish holidays until Thursday, said, "We are going to have a couple days to see how the marketplace reacts to all this, and maybe that's a good thing."

    House members weren't going home to campaign for re-election "until this is addressed," Hoyer vowed.

    Both Blunt and Hoyer suggested that the Senate could vote first on a bill then send it to the House, but Senate leaders showed no inclination to take up a bill without being certain of its fate in the House.

    "What would be wrong, I think, would be to act without some kind of clear indication from the House about how they're going to proceed," said Sen. Christopher Dodd, D-Conn., the chairman of the Senate Banking Committee. "We don't need to start all over."

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    The two men campaigning to replace Bush watched the situation closely - from afar - and demanded action.

    In Iowa, Republican John McCain said his rival Barack Obama and congressional Democrats "infused unnecessary partisanship into the process. Now is not the time to fix the blame; it's time to fix the problem."

    Obama said, "Democrats, Republicans, step up to the plate, get it done."

    The burden for votes fell more strongly on Republican leaders. About three out of five House Democrats voted for the legislation; only a third of Republicans backed it.

    ... contd.

    PreviousNext1234
    Capitalim???By: mathew | 30-Sep-2008 Reply | Forward A departure from keynesian prescriptions recommending government regulations in a cpitalist economy and excessive reliance on marketism led to this situation
    The real truthBy: Baatul | 30-Sep-2008 Reply | Forward Globalization is a loose cannon people use. The real problem is too much of "VIRTUAL MONEY" in the market which was generated by "EXOTIC FINANCIAL INSTRUMENTS". Thus, lot of money was chasing very few ASSETS making those assets costly. This bubble had to burst sometime. The good (or bad) part of it is that it will take some breather after which the business of "MONEY" out of "EXOTIC INSTRUMENTS" will start again and AGAIN the whole cycle would start again. We can be called victims of GLOBALIZATION if Indian govt allows such "EXOTIC INSTRUMENTS" and "HEDGE FUND MANAGERS" work un-checked in India. Until then, we are safe even if we allow to import CHEAP, DEFECTIVE CHINESE GOODS.
    The real truthBy: Baatul | 30-Sep-2008 Reply | Forward Globalization is a loose cannon people use. The real problem is too much of "VIRTUAL MONEY" in the market which was generated by "EXOTIC FINANCIAL INSTRUMENTS". Thus, lot of money was chasing very few ASSETS making those assets costly. This bubble had to burst sometime. The good (or bad) part of it is that it will take some breather after which the business of "MONEY" out of "EXOTIC INSTRUMENTS" will start again and AGAIN the whole cycle would start again. We can be called victims of GLOBALIZATION if Indian govt allows such "EXOTIC INSTRUMENTS" and "HEDGE FUND MANAGERS" work un-checked in India. Until then, we are safe even if we allow to import CHEAP, DEFECTIVE CHINESE GOODS.
    Capitalism in crisisBy: Paramjit Bahia | 30-Sep-2008 Reply | Forward Very interesting now the pillers of capitalism USA and its side kick UK are now suggesting semi-socialism as solution to solve these crisis. Their obsession with globalisation and free markets, which have caused all this mess, has also been adopted by India. So it is only matter of time that copy cating the West will also produce similar dire consequences. Be warned, writing is on the wall.
    Capitalism in crisisBy: Paramjit Bahia | 30-Sep-2008 Reply | Forward Very interesting now the pillers of capitalism USA and its side kick UK are now suggesting semi-socialism as solution to solve these crisis. Their obsession with globalisation and free markets, which have caused all this mess, has also been adopted by India. So it is only matter of time that copy cating the West will also produce similar dire consequences. Be warned, writing is on the wall.
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