Associated Press: Fair and Balanced.

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Bailout bill defeat could cause painful recession
Tuesday September 30, 12:03 am ET
By Jeannine Aversa, AP Economics Writer

Deep recession, more job losses could come from defeat of $700 billion bailout package

WASHINGTON (AP) -- The fallout from the vote against a bailout package for the U.S. financial system may well be lasting pain for the economy.
The House's stunning defeat of a $700 billion package urgently championed by President Bush, sent shock waves through Capitol Hill, the trading floors on Wall Street and the Oval Office on Monday.

"An economic 9/11," warned Terry Connelly, dean of Golden Gate University's Ageno School of Business, of the potential fallout. As the package went down, panicked investors caused the Dow Jones industrials to nosedive nearly 780 points in their largest one-day point drop ever. Markets across Asia fell sharply Tuesday in the wake of the Wall Street downdraft.