congressional leaders

The heads of the three leading U.S. automakers met with the congressional leaders Thursday to discuss a possible bailout - one day before General Motors and Ford Motor are expected to report sizable quarterly losses and reveal painful cost-cutting measures.

It makes a lot of sense, not the least of which is when folks think their bank is in trouble and they decide to start pulling their money because they don’t think the FDIC will cover them, it creates a “run on the bank” situation that makes a collapse for that particular institution almost inevitable.

The drama on Capitol Hill Monday reverberated on Wall Street and in financial markets around the world. The House rejected the proposed $700 billion rescue plan for Wall Street despite pleas from President Bush, Treasury Secretary Henry Paulson and congressional leaders.

Lawmakers will be back later this week to try again.

Congressional leaders are to meet over the weekend to try to hammer out a proposed $700bn financial bail-out plan.

Presidential hopefuls Barack Obama and John McCain meet Thursday in Washington with President Bush and congressional leaders to discuss the $700 billion rescue proposal for Wall Street.

The meeting follows a topsy-turvy day that left the election's first debate in limbo.

» E-Mail This     » Add to Del.icio.us