Now that lawmakers have reached an agreement on the $700 billion bailout plan, it's time for a vote. Washington is getting things rolling early this morning. President Bush, who urged the bill's quick passage, is scheduled to provide public remarks at a 7:35 a.m. and House members are scheduled to take the bill up for a vote at 8 a.m. The Senate is expected to take up the bill as early as Wednesday.
How are the overseas markets digesting all of this weekend news? Negatively, so far. Asian markets were down, led by a 4 percent decline in Hong Kong's Hang Seng. In Europe, the markets are down by more than 2 percent, with the DJ Stoxx index down 2.8 percent. Oil is down to $103 a barrel.
Did you read what Steven Pearlstein had to say about all of this?
Most of the markets appear to be down out of concern that it will be some time before the global financial industry recovers. Indeed, yesterday, the Netherlands, Belgium and Luxembourg agreed to spend $16 billion to prop up Fortis after investors lost confidence in the bank and two other European banks decided not to buy it over the weekend. And today, Britain decided to nationalize a major mortgage lender, Bradford & Bingley, which has taken a huge hit in the stock market. In the United States, troubled bank Wachovia is in talks to sell itself to Wells Fargo or Citigroup.
Check back here this morning for updates on bailout developments in Washington and on Wall Street.
September 29, 2008; 7:18 AM ET
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