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Congress Passes Bailout Plan
Congress passed the bailout plan. Will it work?
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FINANCIAL MARKETS HIGHLIGHTS for the WEEK ENDED OCTOBER 3,2008
The highlight and/or lowlight of the week was the passage of the $700 billion bailout plan by Congress.
Another highlight of the week was the failure of another major bank- Wachovia.
Both Citi and Wells Fargo were fighting over the carcass of Wachovia.
Stock and commodities markets across the globe plunged this week as the severity of the problems in the US became more apparent.
The money all ran towards short-term US Treasury bills which drove interest rates down to near zero.
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