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US Senate passes financial bailout, but markets still gloomy

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Thursday, Oct 2, 2008

The US Senate passed a new version of a 700-billion-dollar bailout of the debt-stricken financial system, but the measure failed to lift global market gloom on Thursday.

As Europe struggled to agree its own measures and Japan’s central bank pumped vast new amounts into the money market, Asian shares fell and volatile European bourses were little changed at the start of trading.

The Senate voted 74-25 late Wednesday to back an amended bailout, aiming to ease the credit crunch that has shaken the world economy and brought the bankruptcy of Wall Street titans such as Lehman Brothers.

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The vote increased pressure on the House of Representatives to pass the legislation, after it rejected a first version on Monday.

President George W. Bush called on the House to vote before the end of the week to avoid further damage to the US economy. But there were conflicting signals over the bill’s prospects.

This article was posted: Thursday, October 2, 2008 at 3:36 am

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