Surprise, Shock and Disappointment. by Milota Sidorova

'It's not a failure of the bill, it's a failure of will', Republican Senator Chris Dodd commented shocking however, not that unexpected Congress decision. Talks in lower Hall in Capitol Hill scheduled on Monday brought the worst scenario & 133 Republicans and 95 Democrats have rejected proposed 'rescue plan' agreed by their leaders just day ago.

Great, great disappointment, tightening pressure and political machination. All of this stood behind the key discussion of the greatest financial step in the history of the U.S.
Rejection has killed every sign of optimism on Wall Street. Dow Jones fell 777 points during the day. It's been the biggest drop since troubled 9/11 and the most ever for a single day. World markets have followed the American decline, slowing down and loosing.

"We need to put something back together that works''said Treasury Secretary Paulson. Indeed, it's been a bitter blow into his face. Literally, the rough blow into the face of the government as well.
As for the talks, everyone in the hall agreed it's been necessary to support the markets, but actually showed the other opinion. Beginning in the early morning discussion has seen its up and down, until Nancy Pelosi, the House Speaker held her speech. Populistic, moral critic of current right wing oriented government. She claimed taxpayers will back no discipline, no supervision and no regulation. Some believe she has taken by chance number of undecided Republicans. "We have a gun to our head," said Rep. Ginny Brown-Waite, R-Fla., who opposed the bill. "This isn't legislation — it's extortion."
Financial crisis is now shaped into a political game.
However, stubborn resist is not going to solve anything. That's what both of presidential candidates suggest. Well, we know the phrase: 'Now is the time...'. However, several Senators close to the election keept waiting untill the final result was close. Then they opposed the proposal.

To satisfy and convince GOP members, Republicans have pointed several changes. At first doubling $100,000 ceiling on federal deposit insurance and release the companies from devaluing assets on the books to reflect the price they could reach in the market.

Another talk is scheduled on Thursday. Many believe they will succeed to find the best option. As for the Congres, it seems personal hurts have crossed the business. Millions keep waiting, hoping to protect their property till the next day.
One might say, this mechanism seems to be over.





related story: http://news.yahoo.com/s/ap/financial_meltdown;_ylt=Ah8jfSevVzAcWFp15lVDiims0NUE

by Milota Sidorova for PocketNews (http://pocketnews.tv)

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edited by Beata Biskova