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US Financial Rescue Bill Passes House Vote
Friday, 03 October 2008 17:24:42 GMT
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A sigh of relief in the credit markets today. After turning down the first proposal, the House of Respresentatives voted 263 against 171 to approve a plan to give the Treasury $300 billion in immediate funds to take toxic debt from banks' and lenders' balance sheets to stabalize confidence and thaw the frozen credit markets. Immediately following the vote, stocks pulled back from their pre-event highs and dollar volatility was little changed. A muted reaction from the carry trade, Treasuries and credit default swap indexes suggests there may be skepticism over this bills effectiveness.
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