Central banks around the world unveiled a plan to pump massive amounts of cash into the global banking system in a concerted effort to boost market confidence and inject liquidity into the global markets.
UK, Belgium, Iceland ......
The steep sell off of sterling and London shares came as agreement reached on Capitol Hill on a proposed $700 billion rescue plan for the US banking system was overshadowed by the latest woes for British and continental European banks. As well as B&B, the Belgian, Dutch and Luxembourg Governments nationalised parts of Fortis, the European banking and insurance giant, and agreed to inject €11.2 billion into the group.
Iceland's government also took control of Glitnir, that country's third biggest bank.
2pm Shit meets fan II:
Vote looks like its going down ......... nays seem to have it.
DOW TANKING - DOWN 600 POINTS
BAILOUT BILL GOES DOWN! REJECTED BY THE HOUSE. HOUSE REPUBLICANS VOTE 2 TO 1 AGAINST THE SENATE
I wouldn't give those moochers and looters the sweat off my brow. INDICT DODD! INDICT FRANKS! Instead the chief criminals are in charge of the fix.
THE SILENT MAJORITY HAS SPOKEN. WE ARE CAPITALISTS
In a narrow vote, the House today rejected the most sweeping government intervention into the nation's financial markets since the Great Depression, refusing to grant the Treasury Department the power to purchase up to $700 billion in the troubled assets that are at the heart of the U.S. financial crisis.
Barack Obama and the Strategy of Manufactured Crisis American Thinker
UPDATE: 3:51pm Pelosi Takes One Last Cheap Shot, Derails Bailout Bill( My Pet Jawa)What group elected this woman as their leader?
The Rescue Package Will Delay Recovery Ludwig Von Mises Institute
UPDATE: 4:30 pm Dow suffers biggest point drop in history, falling nearly 778 points in reaction to House vote rejecting economic rescue.How the Democrats Created the Financial Crisis