Bush’s financial rescue package fails

The global credit crisis and volatility on markets is expected to worsen as a result of the failure of US President George Bush's financial bail-out package to pass congress. The Dow Jones industrial average lost almost five per cent or 600 points on the news of the failure of bail-out package. Leaders of both US political parties warned members of congress that America was standing on a financial precipice and without the rescue package the US economy could fall into a deep recession.

Source: Sydney Morning Herald