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WASHINGTON - In a stunning vote that shocked the capital and worldwide markets, the House on Monday defeated a $700 billion emergency rescue for the nation's financial system, ignoring urgent warnings from President Bush and congressional leaders of both parties that the economy could nosedive without it. The Dow Jones industrials plunged nearly 800 points, the most ever for a single day.
Democratic and Republican leaders alike pledged to try again, though the Democrats said GOP lawmakers needed to provide more votes. Bush huddled with his economic advisers about a next step. The House was to reconvene on Thursday instead of adjourning for the year as planned.
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ESPN.com
Updated: September 27, 2008, 4:52 PM ET
NEW YORK -- Stephon Marbury is still here and perhaps will be for a while longer.
Zach Randolph is still here and apparently was never close to going anywhere.
The New York Knicks will open training camp next week with mostly the same roster that was an embarrassment on and off the court while going 23-59 last season. President Donnie Walsh has made only one notable move since replacing Isiah Thomas in April, and it's the reason he believes next season could be better even if the personnel suggests otherwise.
"Mike D'Antoni. I think he's a great coach. I hope people give him a chance," Walsh said Friday. "He'll make them better, I think, than anybody else would.".....read the rest here
Upscale retailer Neiman Marcus Inc. offered a bleak outlook for the holidays and said its quarterly loss more than doubled from a year earlier, signaling a further downturn in the U.S. luxury-goods market.
Neiman, which posted a $35.7 million loss for its fiscal quarter ended Aug. 2, warned that the American luxury market is likely to be hit hard by the recent financial crisis as wealthy and upper-middle-class consumers change their attitudes toward spending.