This article is from the source 'bbc' and was first published or seen on . It will not be checked again for changes.
You can find the current article at its original source at http://news.bbc.co.uk/go/rss/-/1/hi/business/7639321.stm
The article has changed 7 times. There is an RSS feed of changes available.
Version 1 | Version 2 |
---|---|
Congress resumes bail-out talks | |
(about 3 hours later) | |
US lawmakers have reconvened to try to seal a $700bn Wall Street rescue deal aimed at stabilising financial markets. | |
The Senate Majority leader Harry Reid told the US Senate "significant progress" had been made, but stressed there was still "a long way to go". | |
Negotiators are keen to reach an agreement before the markets reopen around the world on Monday. | |
Optimism about the deal's chances also grew after both presidential candidates agreed on the need for urgent action. | |
Blame game | Blame game |
While both Republican Senator John McCain and Democrat Senator Barack Obama endorsed the need for a compromise plan, their responses also revealed differences over who was to blame for the crisis. | While both Republican Senator John McCain and Democrat Senator Barack Obama endorsed the need for a compromise plan, their responses also revealed differences over who was to blame for the crisis. |
"We also have to recognise that this is a final verdict on eight years of failed economic policies promoted by George Bush, and supported by Senator McCain," Senator Obama said. | "We also have to recognise that this is a final verdict on eight years of failed economic policies promoted by George Bush, and supported by Senator McCain," Senator Obama said. |
Senator McCain, meanwhile, blamed the crisis on irresponsible leadership in Washington and Wall Street, and said he would consider a freeze on non-military spending to pay the costs of the bail-out. | Senator McCain, meanwhile, blamed the crisis on irresponsible leadership in Washington and Wall Street, and said he would consider a freeze on non-military spending to pay the costs of the bail-out. |
Democratic concessions | Democratic concessions |
Ms Pelosi told a private meeting of Democrats that they would no longer be pursuing their proposal to amend the bankruptcy laws to allow judges to suspend repossession notices on foreclosed homes. | Ms Pelosi told a private meeting of Democrats that they would no longer be pursuing their proposal to amend the bankruptcy laws to allow judges to suspend repossession notices on foreclosed homes. |
Republicans feared that such a move would discourage banks from issuing new mortgages. | Republicans feared that such a move would discourage banks from issuing new mortgages. |
In a sign of movement, the House Republicans, who have expressed the strongest opposition to the emerging deal, dispatched their second-ranking leader, Roy Blunt, to join the talks. | In a sign of movement, the House Republicans, who have expressed the strongest opposition to the emerging deal, dispatched their second-ranking leader, Roy Blunt, to join the talks. |
I am convinced that by Sunday we will have an agreement that people will understand on this, on this Bill Barney Frank, chairman, House Financial Service Committee Rescue deal stalemate href="/1/hi/business/7637365.stm">Bail-out: the sticking points class="" href="/1/hi/business/7637097.stm">More cash injected into banks | |
Ms Pelosi said that "would be a bill that will be signed by the President and we will be working through the weekend to achieve that end." | Ms Pelosi said that "would be a bill that will be signed by the President and we will be working through the weekend to achieve that end." |
Barney Frank, the Massachusetts Democrat who is chairman of the House Financial Committee, said: "I am convinced that by Sunday we will have an agreement that people will understand". | Barney Frank, the Massachusetts Democrat who is chairman of the House Financial Committee, said: "I am convinced that by Sunday we will have an agreement that people will understand". |
The Bush administration appeared to move to appease its Republican opponents by agreeing to include - but only as an option - their proposal to insure distressed mortgage bonds rather than buying them outright from Wall Street firms, the centrepiece of the government's proposal to unfreeze the financial markets. | The Bush administration appeared to move to appease its Republican opponents by agreeing to include - but only as an option - their proposal to insure distressed mortgage bonds rather than buying them outright from Wall Street firms, the centrepiece of the government's proposal to unfreeze the financial markets. |
Voter worries | Voter worries |
Congressmen of both parties are anxious to get back to their constituencies in order to fight the election which takes place on 4 November. | Congressmen of both parties are anxious to get back to their constituencies in order to fight the election which takes place on 4 November. |
A meeting on Thursday ended in acrimony | A meeting on Thursday ended in acrimony |
But they are also worried by growing evidence that most Americans are sceptical about the bail-out deal, and especially about how much it will cost | But they are also worried by growing evidence that most Americans are sceptical about the bail-out deal, and especially about how much it will cost |
The latest opinion poll, from the Associated Press-Knowledge Networks, taken on Friday, showed that only 30% expressed support for the bail-out package, while 45% were opposed and 25% undecided, despite the dramatic appeals of President George W Bush and Treasury Secretary Henry Paulson that the move was necessary to save the US economy. | The latest opinion poll, from the Associated Press-Knowledge Networks, taken on Friday, showed that only 30% expressed support for the bail-out package, while 45% were opposed and 25% undecided, despite the dramatic appeals of President George W Bush and Treasury Secretary Henry Paulson that the move was necessary to save the US economy. |
The widespread public opposition is one reason that the Congressional leadership wants a bi-partisan deal before they are prepared to put the proposals to a vote. | The widespread public opposition is one reason that the Congressional leadership wants a bi-partisan deal before they are prepared to put the proposals to a vote. |
They do not want to face the voters unless they can show that Congress acted on a united front because of the urgency of the crisis. | They do not want to face the voters unless they can show that Congress acted on a united front because of the urgency of the crisis. |
Market wobbles | Market wobbles |
Financial markets have been nervously watching the ebb and flow of the bail-out negotiations. | Financial markets have been nervously watching the ebb and flow of the bail-out negotiations. |
On Friday, European markets fell sharply, but rumours that negotiations had resumed boosted stocks on Wall Street, where the Dow Jones average of leading shares finished in positive territory. | On Friday, European markets fell sharply, but rumours that negotiations had resumed boosted stocks on Wall Street, where the Dow Jones average of leading shares finished in positive territory. |
Meanwhile, central banks injected liquidity into the financial system to prevent inter-bank lending from seizing up, with the US Federal Reserve taking the lead by organising swaps with other central banks across the world, including Japan, the UK, Switzerland, and Australia. | Meanwhile, central banks injected liquidity into the financial system to prevent inter-bank lending from seizing up, with the US Federal Reserve taking the lead by organising swaps with other central banks across the world, including Japan, the UK, Switzerland, and Australia. |
Do you work in the banking or finance industry? Contribute to our Experts Forum here. | Do you work in the banking or finance industry? Contribute to our Experts Forum here. |