President Bush went on the offensive today following the voting down of his bail out plan. Bush warned that the plan of not acting will be higher than the $700 billion dollar bailout plan itself. The President said if Congress doesn't act quickly, the economic consequences would be painful and lasting. Meantime, the presidential candidates spoke on the topic on the campaign trail and said desposit insurance should be increased substantially, and it's hoped if that were to happen, more members of Congress would support the bailout plan. Institutions and individuals reacted to the rejection of the bailout plan, and stocks in Asia fell dramatically in reaction, while in Russia the market closed for two hours today after stocks at first plunged. European markets however experienced a bit of a rebound, but the E.U. still offered a warning of its own today, saying that the U.S. must act for the sake of the world. The German Chancellor as well urged American lawmakers to reconsider their no-vote. This analyst believes that's already happening. He cites JP MOgran Chase's recent purchase of Washington Mutual as positive signs, and thinks more will come. That said, things will likely get worse before they get better.
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