World Markets respond to Bailout Rejection

World Markets respond to Bailout Rejection


I was rather surprised to see this bill become rejected, perhaps in part because of my bias assumption that all members of Congress would buckle in as usual and simply cast a "yay" vote. Apparently common sense and intestinal fortitude was somehow miraculously manifested in Washington Yesterday, which is great-but surprising news. And now the international backlash, there is just an incredible bitterness that has engulfed major world markets along with their corresponding major news agencies. Bernd Weidensteiner, analyst at Commerzbank states "A number of possible options are now being discussed. A revised version of the package might be put to the House again for approval, and to up the pressure on the house, the Senate might be asked to vote first. The package would almost certainly be approved there If they are asked to vote first, without reading the bill under "pressure". Sounds like a common crime in politics known as DURESS. Perhaps the most unnerving article I have read thus far is a commentary piece in the Financial Times of London by Willem Buiter, in which he writes "Opposition to the proposal came from two different sources. A few remaining libertarians and believers in unfettered free enterprise voted against. Even when they recognise the risk that a calamitous collapse in economic activity may result, they view this as a form of creative destruction that is an integral part of a Darwinian market economy. I dont know anything about Gresham Barrett, a ...