$700B bailout for US; Shucked by Congress (O_O)

Tuesday, September 30, 2008

Lehman Brothers suffered on this market downfall

Lawmakers yesterday disapproved the $700 Billion emergency rescue for the nation's financial system. Now people like me await what will happen to the world's largest economy. Just this morning I read that the Dow Jones plunged 777 points which has been the biggest drop in the country's chunk for a long time. Where does the US Government go now?... most probably back to the drawing board. When I arrived from gym this afternoon, even Europe markets came tumbling down and bailed out their own banks. I heard the British would also be helping the US banks to recuperate the funds they lost through stagnant real estate losses in the country's market. I'm sure even Ed McMahon understands how difficult this is... he almost lost his house remember?

Henry Paulson is not happy =/

Treasury Secretary Henry Paulson said after he and Federal Reserve Chairman Ben Bernanke joined in an emergency meeting to look for strategies that would resolve this crisis... and said that they need to put together something that really works! The Democrats hope that when they go back in session, that they would be able to put up what is needed and what would eventually be workable in all aspects. Good thing the Philippine banks don't have anything invested in that bank. We even had gains a few days ago as the OFW's valuable dollar surges this season. Thanks to that huh?! ^_^

Now, let's just wait for the congress to reconvene and fix this problem. Then hope the market does not continue to plunge into an unrecoverable state. The US cannot afford this huge kick in the shin. Time is of the essence, they need to do it fast too... I hope sometime soon.


No comments: