Days and many hours of tough negotiating seems, at least temporarily, to have ended plans by Treasury Secretary Henry Paulson and Federal Reserve Board Chairman Ben Bernanke to pump at least $700 billion to bailout banks and investment houses on Wall Street. The original plan proposed is completely dead, and the compromise plan agreed to by Democrats on the Hill and the Bush Administration is in serious threat of crashing and burning from a strong and powerful contingent of conservative Republicans, primarily in the House. This GOP coalition has clearly and definitively repudiated the President and GOP Presidential nominee John McCain in defying their program and plan. Negotiations will continue but there is a growing belief any legislative attempt is headed for failure. Many Americans have inundated their Senatorial and Congressional representation with demands that no bailout occur, and their voices are being heard. Its anyone's guess if the bailout will happen, but I believe something will still come about, perhaps over the weekend. How Wall Street and markets elsewhere globally will respond to this setback is likely to be a negative to some extent, which likely will further pressure legislators to come up with a plan.-
http://news.yahoo.com/s/ap/20080926/ap_on_bi_ge/financial_meltdown
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