US markets rebound on hopes of a revised rescue package
The next 48 to 72 hours are vital for the short term future of stock markets and economies around the world. After giving George Bush a 'bloody nose' it seems that hope of a compromise deal is growing by the hour with both parties feeling the backlash from the public. Bush had hyped up the deal to such an extent that both investment markets and the public felt that it was already a done deal. As it happened it was voted down by both sides of Congress (for different reasons).
The turmoil in the aftermath of the vote against the package has actually strengthened the position of the Bush administration who now feel empowered by the public to make something happen. At the end of the day if the deal is rejected again nobody will attach any blame to the current administration, even though they presided over the most reckless chapter in the history of the US economy which saw greed appear in every area of the investment markets!
Congress is currently in recess for 2 days but the action will start again in full on Thursday when they will NEED to trash out a deal asap before the worldwide economy collapses and we slip into a depression.
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