Market takes a leap of faith - WSFA.com Montgomery Alabama news.

Market takes a leap of faith

At the opening bell Tuesday morning numbers on Wall Street took a leap of faith.

Up triple digits on hopes Washington will salvage the bailout bill.

Senate leaders from both parties promised swift action.

"We intend to pass this legislation this week.  We will do so on a large bipartisan basis," said Republican Senate Minority Leader Mitch McConnell.

President Bush tried again to reassure the world.

"And if our nation continues on this course, the economic damage will be painful and lasting," said Mr. Bush.

Most of the world markets held steady overnight.

Clearly troubled, but not yet panicked.

That was a sharp contrast to the trading tsunami Monday on Wall Street.

The DOW plunged a record 777 points, a trillion-dollar loss of wealth.

The 700 billion dollar economic rescue plan went down by a 12-vote margin.

Republicans and democrats blamed each other.

But with an election 35 days away there were other forces at work.

Some lawmakers felt pressure from home.

"My calls were running 30 to one against support of this legislation," said Republican Congressman Chris Shays of Connecticut.

Some lawmakers didn't like the like the pressure from the Bush administration and Treasury Secretary Henry Paulson.

"It's about Mr. Paulson arrogantly coming to Congress and giving us four hours notice of a crisis of generational proportions then saying it was his bill or no bill at all. What happened was that Mr. Paulson got a civics lesson," said Republican Congressman John Shadegg of Arizona.

Meanwhile Wall Street and the world markets are waiting for Washington to try again.

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