Bloomberg Sees World 'Shutting Down' Without Bailout

New York Mayor Michael Bloomberg (I) painted a dire picture of a world in which Congress doesn't pass a bailout plan to buy up distressed mortgage assets.

On his radio show Friday, Bloomberg said it was "inconceivable" that Congress wouldn't approve a rescue package, the Associated Press reports. But if it failed to do, he saw a scenario in which "the world is shutting down."

"You would literally have the banks closing their

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