Congress enacts historic bailout legislation for financial industry; Bush quickly signs it

Lawmakers in Washington are back to the drawing board on that bailout deal, after the House defeated it.

After a weekend of working out the details, Congress now has a deal on the Wall Street Bailout plan. You can read the full proposal from this link.

John McCain says he’s going to be at the first presidential debate, even though Congress doesn’t have a bailout deal.

President Bush predicted dire consequences if Congress doesn’t act on the proposed $700 billion economic bailout plan.  But some House Republicans are refusing to go along with the plan and are pushing one of their own.

The eyes of Wall Street and the world are on Washington today as President Bush and Congress hold emergency meetings on an economic bailout.

President Bush told the nation Wednesday night we’re in the midst of a “serious financial crisis” that could turn into “financial panic.“

Stocks are moderately higher in early trading as investors await testimony from top federal economic officials before Congress about efforts to hammer out a $700 billion financial rescue plan.

The last two remaining independent investment banks are transforming themselves in order to avoid potential collapse.

Markets overseas have rallied on news the Federal Reserve and central banks overseas are injecting more dollars into global money markets.

A Congress criticized for being asleep at the switch as financial problems festered on Wall Street now is eyeing tough new regulations for investment banks.