World Economy Continues to Spiral Downwards

Today the House of Representatives convened to vote on the $700 billion dollar bailout plan that would buy bad mortgage debt from large banks and firms and give them an opportunity to get back on their feet. The plan failed with a vote of 228 to 205. Both President Bush and UK Prime Minister Gordon Brown expressed their disappointment in bill’s failure.

Traders on the floor in Wall Street were not pleased. Shares dropped a record amount today, falling 770 points. Wachovia, the fourth largest bank in the US, sold to competitor Citigroup.

The problem is no longer just here in the US as major foreign markets fell drastically today. Without the bailout plan, many more banks and investment firms will bust. Nancy Pelosi stated, “The legislation has failed, the crisis has not gone away.” Republican house leader claimed a speech given by Pelosi, “poisoned our conference, caused a number of members that we thought we could get to go south.”

Presidential candidate John McCain claims that the Democrat’s partisan speech as being unhelpful. He stated, “Now is not the time to fix the blame, it’s time to fix the problem.” He encouraged congressmen to try and work out a new deal immediately.

Opponent Barack Obama expects a bailout bill of some form to pass. He is upset that the mess on Wall Street has transferred to the average citizen. He says, “If I am president I will review the entire plan the day I take office to make sure that it is working to save our economy and that you get your money back.”

SOURCE

xPirate’s thoughts on the situation: I’m very worried now that the bill has failed. With the markets falling as much as they have recently, we are heading very quickly toward another Great Depression. I personally expected the bill to pass, but once again, Republicans bring a halt to our glimmer of hope. I’m pissed that once again partisanship and stupid bickering in Washington has led to nothing being done! Do these politicians just not realize that we are in a state of crisis? We can’t wait for the parties to agree on everything.

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3 responses to “World Economy Continues to Spiral Downwards

  1. They care more about the next election and the votes than they do about the stability of our economy.

    Nobody wants this bailout…we need it.

    Just my two cents.

  2. Pingback: Senate to Vote on Revised Bailout Bill « xPirate - Welcome to Life

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