The Senate strongly endorsed the $700 billion bailout plan, leaving backers hopeful that the easy approval, coupled with an array of popular additions, would lead to quick passage in the House.
The extent of the credit crisis that unfolded from the morning of Sept. 17 to the afternoon of Sept. 18 was unseen to the public but spooked policy makers into action.
AP - After one spectacular failure, the $700 billion financial industry bailout found a second life Wednesday, winning lopsided passage in the Senate and gaining ground in the House, where Republicans opposition softened.
AP - Republican vice presidential candidate Sarah Palin enters her debate Thursday with Joe Biden needing to make a strong positive impression on voters, many of whom are expressing serious doubts about her readiness.
AP - Asian stock markets retreated Thursday as broader concerns about a global slowdown outweighed any relief over the U.S. Senate's passage of the bailout package to rescue the U.S. financial system.
The Senate passed a sweeping and controversial financial bailout similar in key ways to one rejected by the House just two days earlier. The measure was passed Wednesday night by a vote of 74-25, with Barack Obama and John McCain voting in favor, CNNMoney.com reports.
Asian and Pacific stock markets dropped Thursday despite the U.S. Senate's approval of a modified $700 billion bank rescue plan intended to bolster the ailing financial system.
Sales at the nation's top automakers fell sharply in September, as tighter credit for buyers and dealers combined with high fuel prices resulted in industrywide U.S. sales falling below the 1 million mark for the first time in more than 15 years.