Word: pass
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...Depression 2.0 Can Still Be Avoided At the moment, a reworked bailout deal seems likely to pass. But the world may still be heading for a severe downturn. Interbank lending remains stubbornly frozen, despite the Fed's liquidity fire hose. With WaMu and Wachovia wiped out, the stampede out of bank stocks and bonds will surely claim new victims. As the recession bites, Main Street firms will start going bust too. And the impact on the $62 trillion market for credit-default swaps could be explosive...
...Kuala Lumpur with his wife and two children to visit his parents, all he could think about was what might happen to him and to his country when he returned to work. After Wall Street's U.S. stock swoon on Sept. 29 and Washington's inability to pass the $700 billion package to rescue the U.S. financial system, Mustapha is waking up to the potential dangers the region faces from a collapsing American economy. "The U.S. is such a giant and we are so intimately connected with it," he says. "If it falls, we will fall...
...Monday of the vote and subsequent market crash, Biehl took a look at her 401(k) and discovered she had lost $6,300. "But then I thought, I have still doubled my money since I first started investing and - as I wrote in my blog - this too shall pass," she says. While Biehl realizes the need to do something, she wants Washington to go a little slower and more deliberately with the passage of a bailout. "My hope is that we are taking a little bit of a break - hope we can find some sense of calm without that panicked...
...cites one letter as representative of the bile poured forth against the bailout: "I live on $23,000 a year. Why should I be asked to bail out a bunch of overpaid greedy heads of companies like AIG, Freddie Mac or Fannie Mae? ... If you're going to pass this bill, then it is only right that you the government pay off my mortgage. All of you ran back to Washington and took care of these overpaid CEOs, but when gas went up to $4 a gallon, you did nothing...
...they didn't have time to study it," she says. "I wanted them to make sure they knew what they were doing, and that it was the right thing to do. My fear was this was too quickly put together. I was surprised and relieved when it didn't pass." Freeborough says she's a "little more confident today that Congress will do the right thing. Now, I feel like they're going to take the time to see if this is really going to work, if this is the best option out there...