NewsCosmos

President Bush said Tuesday that the economic damage to the nation will be “painful and lasting” if Congress fails to pass a $700 billion bailout bill.

Wall Street was headed for a rebound Tuesday, a day after stocks logged their steepest losses in years when the House voted down a $700 billion rescue plan for the financial sector.

Stock markets around the world cascaded lower Monday, European regulators announced the rescue of four major banks, and U.S. and foreign officials pledged to make hundreds of billions of dollars available to ensure that banks would continue lending to each other.

The historic carnage on Wall Street reverberated across Europe on Tuesday, with stocks volatile after U.S. lawmakers rejected a $700 billion bank rescue plan. Asian stocks fell.

At least 168 people were killed and 100 injured when thousands of pilgrims stampeded Tuesday at a Hindu temple in the historic town of Jodhpur in western India, officials said.

Afghan President Hamid Karzai said Tuesday he has asked the king of Saudi Arabia to help facilitate peace talks with the Taliban in order to bring an end to the Afghan conflict.

Besides stockholders whose portfolios were ravaged Monday afternoon, the one person with the most riding on the bailout bill that collapsed in Congress may have been Senator John McCain.

Gov. Sarah Palin is heading into the critical vice presidential debate facing challenges about her credentials and signs that her popularity is slipping.

It was hard to tell who was angrier Monday: Readers who were terrified by the failure of the  $700 billion Wall Street bailout or those horrified that the massive economic life-saver came within 23 votes of passage. Msnbc.com’s Kari Huus reports.

If Wall Street’s meltdown is tempting you to take your money out of the bank and put it under your mattress or bury in the back yard, don’t. Msnbc.com’s Mike Stuckey explains why.