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USA UK and Malta News
23/09/2008 - 20:56

USA Today Editoweb 23 septembre 2008

Bernanke: Recession more likely without bailout - Stocks mostly fall as Street weighs bailout plan - Financial worries, GE push Wall Street lower.



Bernanke: Recession more likely without bailout

Federal Reserve Chairman Ben Bernanke bluntly warned reluctant lawmakers Tuesday they risk a recession with higher unemployment and increased home foreclosures if they fail to pass the Bush administration's $700 billion plan to bail out the financial industry.

Stocks mostly fall as Street weighs bailout plan

Financial markets resumed their pullback Tuesday as investors worried that lawmakers were losing the sense of urgency seen last week, when the government proposed a massive bailout for financial institutions as a way to revive ailing credit markets.

Financial worries, GE push Wall Street lower

Stocks fell in choppy trading on Tuesday, led by a drop in shares of General Electric and lingering worries about the financial sector that derailed an advance spearheaded by technology companies.

us-bussines Summary

U.S. Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke on Tuesday urged Congress to act swiftly to put in place a $700 billion financial system bailout, warning delay would put the economy at risk. Testifying before a sometimes-skeptical Senate Banking Committee, they said financial markets were in serious stress and needed to be stabilized quickly by cleansing them of illiquid assets.

London stocks end lower

London shares closed lower on Tuesday, as uncertainty continues over the US government's debt rescue plan aimed at rescuing battered financial institutions and averting economic meltdown.

News  from Yahoo News

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