After the shocking event in US Congress, which dismayed the global stockmarkets due to disapproval of the $700 billion bailout plan, the US Senate came in to rescue and finally approved the proposed financial rescue plan.
Meanwhile, economists stressed that the measure shouldn't be regarded as a panacea and are expecting a sharp slowdown in the coming months.
"The mortgage-finance rescue package won't be an instant cure-all for the economy, but it is the first government step that attempts to address the root causes of the mess," said Lou Crandall, chief economist at Wrightson-ICAP.
"At a minimum, however, the package improves the odds that the economy can begin to heal itself," he wrote to clients.
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