Wall Street saw another extraordinary day Monday with the Dow Jones Industrial Average plunging as much as 800 points before recovering to close 370 points down. Despite the $700 billion bailout passed by U.S. lawmakers last week, analysts say there is growing fear that the credit crisis is spreading around the world. The concerns came as a U.S. House Committee began hearings Monday on the causes of the current financial crisis.
Sens. John McCain, Barack Obama and Joe Biden voted for a new economic relief bill that will head to the House of Representatives, where the bill was initially rejected, reports Bill Plante.
Investors were nervous ahead of the U.S. Senate's Wednesday vote on the $700 billion bailout plan aimed at easing the financial crisis caused by toxic mortgage assets.
According to recent polls, most Americans see the current financial crisis as a serious matter that needs immediate attention. But most are unhappy with the current bailout bill in Congress. While lawmakers are in recess for the Jewish holiday, Jeff Swicord sat down with average Americans in the Washington area, young and old, and asked them how they feel about the current crisis.
The House on Monday defeated a $700 billion emergency rescue package, ignoring urgent pleas from President Bush and bipartisan congressional leaders to quickly bail out the staggering financial industry.
US citizens talk to Al Jazeera's Kristen Saloomy about their concerns for the economy after Congress rejected passing a bill for a $700bn financial rescue package for the country.
Unemployment is up in Texas compared to last year at this time. Hurricane Ike on top of the crisis in the financial market has taken its toll on the state.