Business, Finance & Economics

Banks in Europe in trouble

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(Image: Redvers, Flickr)

Indiana Republican Mike Pence cast one of the votes against the bill: "Economic freedom means the freedom to succeed, and the freedom to fail. The decision to give the Federal Government the ability to nationalize almost every bad mortgage in America interrupts this basic truth of our free market economy, and I cannot support it."

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Neither could 94 Democrats, including Lynn Woolsey of California: "President Bush and Secretary Paulson have been wrong from the start on just about everything. If you think they'll be responsible with this money, think again. I for one will be in opposition of this bailout with these major questions unanswered."

Stocks plummeted on Wall Street with news of the bill's failure in the House.

The financial carnage in Europe isn't pretty either. In the U.K. the government stepped in to buy part of the Bradford and Bingley Bank.

In Brussels, another multi-national, multi-billion-dollar bailout saved the banking and insurance giant Fortis. Now three governments -- Belgium, the Netherlands and Luxembourg -- have a 49 percent stake in the bank.

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