As Credit Crisis Spiraled, Alarm Led to Action - Morningbull

Hearing that Mr. Bernanke and Mr. Paulson wanted legislation passed in a
matter of days, the Senate majority leader, Harry Reid, expressed
astonishment. “This is the United States Senate,” he said. “We can’t do it in
that time frame.” His Republican counterpart, Senator Mitch McConnell,
replied, “This time we can.”
He was wrong. After a week of wrangling, political infighting and
compromise, the House on Monday voted down the legislation. The Dow
plunged nearly 778 points, and credit markets had worsened, with interest
rates rising and loans becoming harder to obtain.
Two weeks after Mr. Paulson and Mr. Bernanke made their appeal, the
House is likely to try again.