Bailout Approved and Signed : Now We'll Wait!

Sunday, October 05, 2008

President Bush shakes hands with Treasury Secretary Henry Paulson at the Treasury Department in Washington after the House passed the $700 billion financial bailout bill
(photo by Associated Press)

ow that Congress has acted upon this particular issue giving the US government the tools necessary to bring some stability into the marketplace, the wait begins for it's effect. Bush stated that without this, the country would have crashed their market placing not just them but the whole world in chaos. Being the largest that they are, most probably that will happen if it were not for this resolution.

Obama and McCain even got their act going and helped in this financial crisis. That's American enough! I mean its a good thing they did it, it was fair enough for both ends. Now Americans can be assured that their hard earned taxes are put to good use because their package included safety measures that would make sure everything gets accounted for. Some are afraid that only a chosen few businesses might earn with this and would not benefit the American public. John Boehner of Ohio said lawmakers knew that if they failed to act, the crisis probably would worsen and "put us in a slump the likes of which most of us have never seen", I guess nobody would wanna see that huh?! This bailout ensures federally insured deposits to rise from the original $100,000 to $250,000 making the ceiling value more viable for adjustments. America must take note of 33 Democrats and 25 Republicans switched from opposition to support which helped pass this bill which were conferenced call and persuaded by Obama and probably McCain as well. They even had groupies in the house, that comes with the newbies too. I just don't know if this will be a legacy BUSH will be proud of.


1 comment:

Dan* said...

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