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Posted: 8:19 AM Sep 30, 2008
Expert: Bailout Bill Defeat Could Cause Painful Recession
An “economic 9/11” could lie ahead thanks to the vote against a bailout package for the U.S. financial system.
Reporter: Associated Press Email Address: news@nbc11news.com |
Senate Banking Committee Chairman Sen. Chris Dodd., D-Conn., center, speaks during a news conference with, from left, Sen. Bob Corker, R-Tenn., Sen. Charles Schumer, D-N.Y., Sen. Robert Bennett, R-Utah, Sen. Judd Gregg, R-N.H., and Sen. Jack Reed, D-R.I., following a meeting on the market turmoil on Capitol Hill in Washington, Thursday, Sept. 25, 2008. (AP Photo/Susan Walsh)
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Washington (AP) An “economic 9/11” could lie ahead thanks to the vote against a bailout package for the U.S. financial system.
That's the warning from Terry Connelly, dean of Golden Gate University's Ageno School of Business.
The house's stunning defeat of a 700 billion dollar package urgently championed by President Bush, sent shock waves through Capitol Hill, the trading floors on Wall Street and the Oval Office.
Experts say the economic train wreck might not happen right away and one economist says it's like a doctor telling a patient to quit smoking.
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In the words of Robert Brusca of Opinion Economics in New York, “you know he's right. But if you don't, you're not going to die tomorrow and you're not going to die next week. But at some time, it's probably going to get you.”
