Word: plan
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...Asia were relieved yesterday after the 7% plunge in the Dow Jones Industrial Average, which marked the largest one-day points drop in Wall Street history, did not ignite a calamitous selloff on Asian markets. There was some damage after Washington failed to pass a $700 billion bailout plan for the U.S. financial system, the catalyst for Wall Street's plunge. Japan's Nikkei Index fell 4.1% on Sept. 30; after declining in early trading, stocks in China and Hong Kong eked out small gains. "The reaction was not as bad as I had feared," says Dariusz Kowalcyzk, chief investment...
...supporters of the plan - which had been crafted by Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke - argued that as painful as it would be to commit such an unprecedented amount of taxpayer money to cleaning up Wall Street's mess, the price of not doing it would be even greater, because the crisis would spread to hurt ordinary businesses and their workers. Supporters of the plan argued that the only way to keep the financial system operating was to have the government buy the junk assets in order to take them off the balance sheets...
...speech she gave on the House floor. Democrats scoffed at that excuse. "Think of this: Somebody hurt my feelings, so I am going to punish the country," said House Banking Committee chairman Barney Frank, a Massachusetts Democrat who had been one of the chief negotiators of the plan...
Both houses of Congress had been scheduled to adjourn this week until after the election. The defeat of the bailout plan means that everyone is likely to be back at work later this week. The question is what the markets will do in the meantime...
...Federal Reserve, Treasury and FDIC - will keep doing what they've been doing: stepping in to prevent the chaotic failure of banks and other large financial institutions. This means continuing to put hundreds of billions of taxpayer dollars at risk, but in a way that adheres to no clear plan of action and doesn't require members of Congress to explicitly approve their actions...