Bank Rescue Plan _ US Senate Vote Yes

Bank Rescue Plan - US Senate Vote Yes

Senators voted yes to the $700bn rescue plan for the US financial system.

The vote at 75-25 was a huge margin and seen as the only route to bringing stability to global markets and banking systems.

Whether this flies in the face of capitalism or not, senators have voted to protect the US people and their economy and they should be applauded for it, despite that fact the European financial leaders are still arguing following the Irish Government's direct intervention to protect the top six Irish Banks.

In the long term, we hope this brings stability to the market, but we suggest it will only do with stringer regulation of financial institutions and the banning of the use of ‘financial derivatives’ that appear to be driving markets.

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