At about 15:46 eastern time, a Mooney M20C lost engine power after takeoff from Fort Lauderdale Executive Airport and struck a car and bus as it landed on a city street. The CFI and private-rated student pilot suffered minor injuries. As the airplane took off and the pilot turned off the electric boost pump, the engine lost power. The pilot turned the pump back on but power was not restored. The engine was reportedly running smoothly but at reduced power. Post-accident examination showed one side of the bail wire that secures the gascolator bowl was found improperly positioned. The throttle lever with throttle cable attached was found separated from the carburetor, and there was no evidence of safety wire in the hole of the securing screw of the throttle lever or on the lever.