House Republicans voted roughly two-to-one against the bail-out, while the Democrats split three-to-two in favour. Congressional leaders took procedural steps that could enable a revote, but analysts said Democrats would be unlikely to try again without the promise of more Republican support.Financial Times: House rejects US bailout bill
Times of London: Markets carnage after bailout rejected
The financial system lurched closer to a catastrophic breakdown last night after the US Congress dramatically rejected a bailout plan designed to restore confidence to paralysed banks.
Wall Street suffered one of its worst days in history. In 24 hours five banks across the West, including Britain’s Bradford & Bingley, had to be rescued to avoid insolvency.
With plans for the biggest rescue of Wall Street since the Great Depression in tatters, the Dow Jones industrial average of shares dived almost 800 points, losing 7 per cent of its value. It was the worst one-day points fall and the worst percentage fall since Black Monday in 1987.
Australia has joined a global coalition to pressure US legislators to pass a controversial $US700 billion Wall Street bailout package.The Australian: Global coalition urges US to act
Kevin Rudd today confirmed the rare intervention into domestic US politics, revealing he spoke to British Prime Minister Gordon Brown this morning after the US House of Representatives rejected the financial package overnight, sending the Dow Jones into freefall.
The Australian stock market has fallen sharply on opening, down more than four per cent in the first 15 minutes of trading.
Aux Etats-Unis, la restructuration à marche forcée du secteur s'est poursuivie avec la reprise de la majeure partie des activités de la grande banque régionale Wachovia par Citigroup.Le Monde: Lundi noir pour les Bourses mondiales ("Black Monday for worldwide stock markets") - Google translate
(Barry's menu-French translation: In the United States, restructuring-as-forced-march continued as Citigroup resumed most of the activities of the large regional bank Wachovia.)