So while Malaysians celebrate Hari Raya Aidilfitri, the second day sees some "glimmer" of light at the end of a long,long tunnel, its ramifications on the Malaysian landscape normally held in abeyance for several months before the wagons freereeling hit the Rakyat. As for the Bursa Malaysia market losers,I won't lament for Thee -- most of you can afford the Big banger!:(
So another Cut&Pasta from NEWS.Au.com:
US Senate passes Wall St rescue plan
Agence France-Presse
October 02, 2008 11:24am
US Senators have passed a revamped $US700 billion ($882.7 billion) plan to shore up Wall Street and stabilise the global economy.
The Senate approved the package by a vote of 74-25 amid a widening global crisis sparked by the collapse of the US housing market.
The Bill next moves to the House of Representatives, where it faces an uncertain future after politiicans rejected an earlier version on Tuesday (AEST), sending world markets into freefall.
The Senate nod raised hopes that the amended plan could be on President George W. Bush's desk for final approval by the weekend.
The amended Bill raises the ceiling on federal insurance for bank deposits from $US100,000 to $US250,000 , a move aimed at reassuring savers that their money is safe in banks and avoiding mass withdrawals.
It retains most facets of the original plan which gives Treasury Secretary Henry Paulson the power to buy up tainted mortgage-related assets in troubled banks and includes restrictions on "golden parachute'' payoffs for executives.
Opponents of the Bill have balked at handing that much power to one man, and reject the notion of using taxpayer money to bailout out disgraced Wall Street firms.
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Rates unlikely to fall
NEWS.com.au, 30 Sep 2008 The proposal has run into fierce grass-roots resistance by voters who see it as a reward for imprudent Wall Street money spinners.
The Senate vote was called after Democratic and Republican negotiators agreed on the terms of the reframed deal.
Meanwhile new talks are underway in the Houseon tweaking the package to ensure it gets through on a second vote.
The bailout Bill had been expected to encounter less resistance in the Senate than the House, partly because only a third of the chamber's lawmakers are up for re-election on November 4.
Every House member faces voters, and many lawmakers in tight re-election fights opposed the earlier package.
Wall Street marked time in the run-up to the Senate vote, with Dow Jones paring heavy opening losses and ending down 13.22 points (0.12 per cent) at 10,837.44.
The Australian share market was subdued in early trading. At 10.15am AEST the benchmark S&P/ASX200 was up 25 points, or 0.52 per cent, to 4819.6, while the broader All Ordinaries lifted 19.3 points, or 0.4 per cent, to 4834.8.
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