The party conference season is over and we’re back to business as usual — except that in the current financial and economic turmoil, political business is anything but normal.
Last night the US Senate voted for the Bush bailout plan by a large majority, which should keep the markets happy until the House of Representatives considers the matter again. The word from Capitol Hill is that it is likely to go through on a second vote; but nothing is certain in Washington in an election year and if it fails again the global economy will be on the brink of collapse once more.
The French are now proposing a €300 billion rescue fund for Europe’s banks and want it considered at a special summit this weekend. This puts some pressure on Gordon Brown, who’s not keen on the idea (and never had much time for Europe’s finance ministers when he was Chancellor).
Comments
Join the debate for just $5 for 3 months
Be part of the conversation with other Spectator readers by getting your first three months for $5.
UNLOCK ACCESS Just $5 for 3 monthsAlready a subscriber? Log in