Rescue plan disappointment contributes to sell-off
By TOM RAUM and JEANNINE AVERSA, Associated Press Writers WASHINGTON - The government's $700 billion rescue, aimed at rebuilding economic confidence, appeared to sound a global alarm instead on Monday, triggering a fearful international sell-off as the U.S. began work on a plan that investors feared would be too little and too late to stave off a worldwide recession. As markets around the world tumbled amid fast-spreading anxiety, officials in Washington worked quickly to put the new financial plan into effect and to shovel more money into the banking system. The Treasury Department named a former Goldman Sachs executive, Neel Kashkari, now Treasury's assistant secretary for international affairs, to oversee the new program and said it would increase its bond sales to help pay for the huge package that was approved with fanfare and signed Friday by President Bush. Trying to do its part, the Federal Reserve increased a short-term loan program to as much as $900 billion and annou...