* New Zealand have shares plunged by almost 4.5 percent, joining other world markets spooked by US lawmakers' shock rejection of a US$700 billion Wall St bailout plan.
* The plan's defeat sent US stocks down sharply, with the Dow Jones industrial average briefly falling more than 700 points, its biggest intraday drop ever.
* The Dow Jones industrial average was down more than 4 percent and the broader S&P 500 index was down nearly 6 percent. Oil fell US$8 a barrel.Earlier, European shares dropped to a three-and-a-half year closing low with bank shares weighing heavily.
Capping three hours of debate on Capitol Hill, House Majority Leader Steny Hoyer of Maryland had warned lawmakers that the cost of inaction would be an
economic calamity beyond Wall Street."A meltdown would begin, it is true, on a few square miles of Manhattan, but before it was over, all of us know, no
city or town in America would be untouched," Hoyer said.
When the contentious bailout plan was announced by the Bush administration last week, some House Republicans balked at spending so much taxpayer money just
before US elections.
Republican House members voted against the bailout by a more than 2-to-1 margin. A majority of Democrats voted in favour. President George W Bush had urged
lawmakers to pass the bailout package quickly, saying it was needed to keep the financial crisis from spreading.
SOURCE: www.stuff.co.nz
Let the world crisis spread and grow. Thanks republicans!
(fyi, im a little biased, my folks inherited shares in finance companies are these are now losing a crap ton of money)
