Also German market hit hard by the financial crisis: shares of Hypo Real Estate tumbled - je 29.09.2008 18

he U.S. House of Representatives on Monday rejected by a vote of 228-205 a Wall Street bailout bill that would have authorized the Treasury Department to spend up to $700 billion to purchase broken mortgage-backed bonds from banks with the goal of jump-starting stalled capital markets. Defeated by skeptics from both parties who questioned the need for it and whether it would work, the bailout plan was proposed by the Bush administration on Sept. 20. Congress modified it in just days amid warnings from the White House that urgent action was needed to prevent economic disaster. The US market is not the only one being hit hard by the financial crisis. Shares in German lender Hypo Real Estate tumbled after it was forced to strike a deal with a consortium of German banks.