Month of madness ends with bail-out rejection

In an extraordinary climax to an extraordinary month, the US Congress on September 29 voted against a $700 billion bail-out package proposed by the US Treasury to restore stability to the financial markets.

The House of Representatives voted 205 to 228 against the Emergency Economic Stabilisation Act (EESA) of 2008. The scheme would have granted the Treasury powers to issue up to $700 billion of securities to purchase troubled mortgages and other illiquid assets clogging up financial institution

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