US President George W.
Bush says he is confident that the congress will pass a robust financial rescue plan. Bush was speaking in New York, where he has been attending the United Nations General Assembly. This comes a day after the chairman of the US central bank, the Federal Reserve and the treasury secretary appeared at a senate hearing, where they defended their bail-out plan. The chairman of the Senate Banking Committee, Democratic Senator Christopher Dodd, described the proposal as unacceptable. He said it would not work and needed to be revised. The proposed plan would use 700 billion dollars of taxpayers' money to buy bad debt from private banks. Democrats, Hurricane Gustav weakens ...
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(Deutsche Welle)
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