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The Senate has approved a new version of a $700bn (£380bn) rescue plan for the troubled US financial system.

Senators voted 74 to 25 in favour of the emergency legislation designed to stabilise volatile markets and limit further damage to the economy.

It includes tax breaks for families and businesses, among other measures designed to win over sceptics.

The plan will now go before the House of Representatives, which narrowly rejected a similar bill on Monday.

President George W Bush praised Senate leaders for making "vital improvements to the rescue package" and urged the House to approve the measures.

News of the Senate vote had little effect on the Asian markets - Japan's main Nikkei index was down by 1.2% in afternoon trading in Tokyo, and Australian stocks had given up 1%.

I don't think it will have a good impact on the world. It will led to a future capitalism where profit are personal but losses are socialized.

I feel sorry for US tax payers.

anuj.pathania wrote:

QUOTE:
I don't think it will have a good impact on the world. It will led to a future capitalism where profit are personal but losses are socialized.

I feel sorry for US tax payers.

@anuj On the contray I think its a great answer to current economic meltdown. Jobs of tens of people like me in stock market depends upon this.

@wiley.lohan....
i have been wanting to ask this question for some time now......and now that I have found an expert.......could you tell me what impact will this move have on the Indian markets..???

The value of the rupee gone down in India. The all over market got the eefect in negative mannar.It has not given a good impact on socialzed mannar.