It looks as if the $700 Billion U.S. financial bailout plan is going to actually pass! Here are the latest news releases:
JULIE HIRSCHFELD DAVIS, Associated Press Writer
WASHINGTON – House GOP leaders say they support the $700 billion bailout for the financial industry and will try to get fellow Republicans to back it.
Source: Yahoo news
By MARTIN CRUTSINGER, AP Economics Writer
WASHINGTON – Sold to American taxpayers for up to $700 billion: an unprecedented plan to buy distressed banks’ least desirable mortgage assets
Under the Emergency Economic Stabilization Act of 2008, which is expected to come to a vote in the House on Monday, the Treasury Department gets $250 billion immediately to start buying up banks’ and other ‘ least valuable mortgages and complex financial instruments backed by those mortgages.
Source. Yahoo news
On Monday comes the big moment. Traders be on the lookout for some major moves in the markets. I for one am watching the EUR/USD like a hawk!