US House of Representatives rejected the mammoth bailout bill which earmarks $700 billion initially but can balloon into trillions of dollars.
The House members recognize how unpopular the bill is among common Americans who don’t enjoy covering the losses of the Wall Street speculators. The House might pass the bill after the presidential elections, though, when concern about voters opinion fades.
Meanwhile, European banks continued their own meltdown.
The bailout bill fails | |
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