The bailout bill passes in the Senate Wednesday night after a stunning vote of 74-25. The revised bill contained tax breaks among other things to help soften the Republicans into passing it. The bill is expected to be voted on by the House of Representatives where it failed the first time around on Friday. The Senate encourages the members of the House to maintain bipartisan views so that the bill can be passed.
xPirate says: THANK GOD!!! Let’s just hope there’s not another political deadlock in the House. I really think that this bill needs to pass. Of course, I’m no economist, so I don’t even know what’s really going on, and that’s why I don’t have much to say about it.
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.”
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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Posted in Economics, Politics
Tagged bailout, bush, Economics, economy, fail, Great Depression, market, mccain, obama, Politics, United States, United States House of Representatives
Wednesday afternoon President George W. Bush called for a meeting in the White House between Republican and Democratic leaders to discuss a bailout plan in an attempt to save the currently failing economy. The proposal included a plan to save more banks from collapsing by having the government buy bad debt. This proposal would cost the government $700 billion dollars.
It was announced Thursday by Senator Chris Dodd, the chairman of the Senate Banking Committee, that Republicans and Democrats “had reached a fundamental agreement.” However, later, Republican Richard Shelby stated, “I don’t believe we have an agreement.” A group of Republicans participating in the discussion disagree with the plan which led to what John McCain called “a continuous shouting match.” The opposition worries about how the government is going to afford the cost of the plan and don’t believe the government should get involved in the financial sector. Instead, they proposed a government backed insurance policy for the bad debt obtained by large US Banks. The discussion will be continued Friday (today).
The presidential debate scheduled for tonight between candidates John McCain and Barack Obama is still up in the air. McCain stated on Wednesday that if an agreement could not be reached by Friday, he would not attend the debate. A recent poll on MyFoxColorado.com showed that a majority of the people would like to see the debate happen.
RECENT UPDATE: BUSH PROMISES BAILOUT PLAN WILL PASS
Bush Addresses the Nation early Friday Morning – It won’t let me post the video because it’s not on YouTube or Google yet.
xPirate’s view on this situation: I’m no economist, but from what I know the bailout plan is the best chance we have a saving our crashing economy. The opposition from the Republicans is strange, considering George Bush supports the plan. One thing is certain, something needs to be done. We aren’t at a time when we can sit around waiting for the endless bickering in Washington to end. I was happy when I thought Republicans and Democrats have finally come together to solve a problem for once, but I guess that I was wrong.
I, personally, would love to see the presidential debate take place. I don’t think there’s much John McCain is going to be able to do by himself in Washington other than continue to argue and beat a dead horse. It has been proposed that the debate focus on the current economic crisis. While I think that it is important to cover, there are still other issues that the candidates need to cover for the public’s sake. I guess we’ll find out what happens.
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