The Real Deal Miami

Bailout vote looms

September 29, 2008 10:34AM

President Bush urged Congress Monday morning to pass a hard won compromise version of a $700 billion bailout of the financial system, telling the nation it’s required to keep the crisis in the  financial industry from spreading through the entire economy. Passage would ease market worries and free up the clogged pathway of the credit system. That in turn will give an impetus to the moribund housing sector, a millstone for Florida, which has one of the highest foreclosure rates in the nation. Sen. Chris Dodd, D-Conn., chairman of the Banking Committee and a leader in the bailout bill negotiations, warned that it was not a cure-all for all the problems that have bedeviled the U.S. financial markets. He said that failure to act would spread the contagion of frozen credit markets even further and could hurt other people across the country.