We Have an Agreement – Now It’s Up to Congress
It appears we’ve reached the final stage of the on-going bank rescue saga as leaders settle on the final wording of the Troubled Asset Relief Act (TARA). It is now up to Congress to approve the new act.
Despite reservations, Obama and McCain both support the bailout plan:
U.S. Consumer Spending Remains Unchanged
Despite forecasts predicting an increase, consumer spending remained constant in August.
U.S. Unemployment Rises
New unemployment claims increased by 32,000 which pushing U.S. unemployment to a seven-year high.
Wachovia Selling Banking Operations to Citigroup
Paulson’s rescue plan is too late for Wachovia who has agreed to sell its banking operations to Citigroup Inc.
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