Asia Stocks Fall in Worst Rout for 21 Years as Bailout Rejected

[maseman]

By Kyung Bok Cho and Shani Raja

Sept. 30 (Bloomberg) -- Asian stocks dropped, extending the worst global sell-off in 21 years, after the rejection of a $700 billion plan to rescue the financial system by U.S. lawmakers exacerbated concern more banks will fail.

Australia & New Zealand Banking Group Ltd. and Woori Finance Holdings Co. slumped more than 7 percent after Wachovia Corp. was sold to Citigroup Inc. as its shares collapsed under the weight of overdue mortgages. BHP Billiton Ltd. and SK Energy Co. declined after oil fell the most in almost seven years on speculation the global economy will slide into recession, and after U.S. stocks yesterday tumbled the most since the 1987 crash.

[1corona4u]

1. ...

[1corona4u]

2. I guess no one cares.....

oh well. We're on our own now.

[neverforget]

3. I care but what can I do about it? Congress will come up with a better

bill and the hemorrhaging will be temporarily stopped until the next "too big to fail" company goes under.

[1corona4u]

4. But, before they can come up with another plan, how much more money will people lose?

That's the big question. We all know congress moves like a snail in the grass.

[TexasObserver]

5. Whether it is today or in six months, this has to happen

I want it to happen NOW, before the election, before Bush leaves office.