Chaos despite Bailout Deal

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U.S. lawmakers on Sunday were set to sign off on a deal to create a $700 billion government fund to buy bad debt from ailing banks in a bid to stem a credit crisis threatening the global economy. After marathon talks into the wee hours of Sunday morning, congressional leaders from both parties emerged with an agreement that altered key parts of a Wall Street bailout program initially proposed by the Bush administration. The preceding week of negotiations over the rescue package roiled financial markets and altered the course of the U.S. presidential campaign less than six weeks before the election. "We've made great progress," House of Representatives Speaker Nancy Pelosi told reporters after the talks. Treasury Secretary Henry Paulson lobbied hard for the package -- the largest bailout in U.S. history -- saying it would keep credit markets from grinding to a halt under the burden of bad mortgage-backed bonds created by banks at a time when it looked like home prices had nowhere to go but up. Congress was racing to reach an agreement before Asian financial markets open on Monday to avoid a repeat of last week's white-knuckle volatility. It was unclear when the House and the Senate would vote on the bailout legislation, or whether last-minute hitches might arise. U.S. President George W. Bush spoke with Pelosi on Saturday evening and news of a deal was welcomed at the White House.

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Bailout deal breaks down; Bernanke back to Capitol
Could be over the historical rainbow for cycling wizard Bettini 2 Iraqi researchers sue ... All: u.s. world: politics: business: sports: entertainment: sci/tech: health: odd: video ...
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My Way News - Bernanke: Approve bailout or risk recession
... act on the Bush administration's $700 billion plan to bail out ... Chuck Schumer, D-N.Y., asked if $150 billion might be ... said that would be a "grave mistake," and would fail to ...
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USNews.com: Money & Business: AP Article
Democrats claim progress in reaching bailout deal . By JULIE HIRSCHFELD DAVIS and DAVID ESPO ... Frank indicated they might ultimately drop a requirement that a portion of any profits ...
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Bailout fails to prevent chaos
Deal on U.S. bank bailout in sight: Bush. U.S. lawmakers and the White ... Bailout fails to prevent chaos Oil prices soar as U.S ... but refused to reveal what those measures might be
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The Daily Item, Sunbury, PA - AP NEWS
Barney Frank predicts bailout deal by Sunday . By JULIE HIRSCHFELD DAVIS and DAVID ESPO ... Frank indicated they might ultimately drop a requirement that a portion of any profits ...
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Frank sees bailout agreement by Sunday
Frank indicated they might ultimately drop a requirement that a portion of any profits from the rescue be funneled to a ... Amid GOP revolt, bailout deal breaks down Area office vacancies and rents climb
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Source: Seattle Times
NewsDateTime: 9/26/2008

Deal reached on financial markets bailout
Congressional leaders and the Bush administration reached a tentative deal early Sunday on a landmark bailout of imperiled financial markets ... It was not immediately clear how many House Republicans might vote for the measure.
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Source: Akron Beacon Journal
NewsDateTime: 9 hours ago

Wachovia, looking for help, turns to Citigroup
The talks are early, and no deal may emerge from them. But it appeared Wachovia was seeking potential alternatives should the bailout plan being debated in Washington not pass quickly, or fail to ... What the bailout might do, however, is relieve ...
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Source: International Herald Tribune
NewsDateTime: 3 hours ago

The sheriff and the professor
The alleged deal that had been cut before McCain landed in ... As McCain countered, "If we fail in Iraq, it encourages al Qaeda. ... candidate would articulate which of their pet proposals might have to be postponed if the $700 billion bailout passes
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Source: San Francisco Gate
NewsDateTime: 2 hours ago

What’s Free About Free Enterprise?
A huge bailout plan is being hammered out in Washington precisely to avert this kind ... Once the federal government declares, “Thou shalt not fail,” there are no ... into the future, and as the crisis finally passes into history, how will we deal ...
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Source: The Ledger
NewsDateTime: 3 hours ago

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