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Stand by for Black Monday: Britain braced for meltdown
DAILYMAIL
Friday, September 26, 2008
The U.S. President today admitted he has failed to land a bank bail-out deal, leaving the world on the brink of a global financial catastrophe.
President Bush was forced to admit he had not yet been able to persuade senior Republicans to back his $700 billion rescue plan.
Experts predict the London Stock Exchange could fall by up to 1,000 points when it opens next week if the deal is not signed.
It would be a ‘Black Monday’ meltdown similar to the financial crash of 1987. Other world markets would also be sure to fall dramatically.
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In a terse statement from in front of the White House, the President conceded this afternoon: ‘We’ve got a big problem and we’ve got to move quickly.’
- A d v e r t i s e m e n t
He admitted there were still disagreements about the plan which saw a summit descend into a ‘slanging match’ last night but insisted the U.S. would deliver.
‘The legislative process is sometimes not very pretty but we are going to get a passage passed. We will rise to the occasion – Republicans and Democrats will come together to pass a substantial rescue plan,’ he said.
However, his candid statement that the rescue deal masterminded by U.S. Treasury Secretary Hank Paulson had still not been approved – interpreted as a fresh plea to Congress to sign up to it – leaves the global economy on the brink of disaster.
American politicians now effectively have three days of frantic negotiations to save the world’s financial system from a seizure that could cast it into a deep recession.
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