Word: passes
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...have absorbed severe losses this year - The MSCI Asia-Pacific Index is down nearly 30% in 2008, while China's Shanghai market is down 60% from it's January high (The Dow is down 20% this year). Asian shares already took a hit after the rescue package failed to pass over the weekend, with shares in Hong Kong and Tokyo plunging by 5.5% and 5% respectively on Sept. 29. "It's pretty terrible already," Kowalcyzk says...
Tuesday's less than catastrophic showing in Asia and Europe does not mean traders there are ignoring the potential disaster of a collapsing U.S. financial system. But there was in many foreign markets a confidence - perhaps unfounded - that U.S. legislators will eventually realize they have no choice but to pass a bill to avoid economic disaster...
...confident a deal will get done in Washington, no one believes that will put an end to the current bad news. A bailout would be just the beginning of what looks to be a long and painful unwinding for Asia, for example. Even if the U.S. government can pass a plan to pump money into the financial system by buying bad mortgages - thus freeing up banks to lend money elsewhere - it won't "address the decimation of the wealth effect of the U.S. consumer," which many export-led Asian economies rely on, says Kirby Daley, senior strategist at Newedge Group...
...researcher at the International Monetary Fund, took a more measured approach to criticizing the bill, saying that he was not “thrilled” by it and was worried that the stronger banks might not want to take advantage of it. But he added that failing to pass the bill would send “a message to the credit markets that Congress didn’t care...
...said Congress will likely pass some version of the bill because he said that the markets are likely to continue to decline in the coming weeks. A failure to pass the bill, Frankel said, could further injure an already-ailing economy...