The fallout from the vote against a bailout package for the U.S. financial system may well be lasting pain for the economy.

More: continued here

LONDON — European governments had to step in with a flurry of major bank bailouts from Iceland to Germany as fear and turmoil from the U.S. credit crisis spread through the financial system.

More: continued here

Agriculture futures traded lower Monday on the Chicago Board of Trade. Wheat for December delivery fell 48 cents to $6.68 a bushel; December corn lost 30 cents to $5.13 a bushel; December oats declined 13.25 cents to $3.18 a bushel; November soybeans fell 70 cents to $10.94 a bushel.

More: continued here

NEW YORK/WASHINGTON (Reuters) - U.S. lawmakers rejected a $700 billion bailout plan for the financial industry in a shock vote that sent global markets sliding as the world credit crisis claimed more banks.

More: continued here

NEW YORK — The sale of Wachovia’s deposits and other assets to Citigroup on Monday leaves the nation with three superbanks, reshaping the U.S. banking landscape in the midst of unprecedented financial upheaval.

More: continued here

Oil prices plunged over $10 a barrel Monday as a U.S. financial bailout plan failed to win legislative approval, increasing fears tat a prolonged economic downturn that could sharply curtail energy demand.

More: continued here

The cost of borrowing overnight dollars on global money markets soared on Tuesday despite central banks pumping billions into the banking system to prevent it seizing up further after U.S. lawmakers’ rejection of a financial rescue bill panicked markets.

More: continued here

(Updates to open) NEW YORK, Sept 30 (Reuters) - U.S. stocks rose at the openon Tuesday, clawing back from Wall Street’s worst slide in morethan 20 years, as investors bet that Washington will work torevive a plan to stabilize the U.S. financial system.

More: continued here

At 7:34 a.m. yesterday, President Bush strode onto the south driveway of the White House and urged Congress to approve his $700 billion Wall Street rescue package. “With the improvements made to this bill, I’m confident that members of both parties will support it,” he predicted.

More: continued here

The U.S. government may have seized control of American International Group two weeks ago, but state insurance regulators and guaranty associations are still fielding calls from panicked holders of policies from the insurance giant.

More: continued here