JTF.ORG Forum
General Category => General Discussion => Topic started by: Vito on October 03, 2008, 01:39:24 PM
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Kiss $700B down the drain...
http://news.yahoo.com/s/ap/financial_meltdown;_ylt=Al21kh_SyXLnVAw6a5qT5DoEq594
WASHINGTON - With the economy on the brink and elections looming, Congress approved an unprecedented $700 billion government bailout of the battered financial industry on Friday and sent it to President Bush for his certain signature.
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The final vote, 263-171 in the House, capped two weeks of tumult in Congress and on Wall Street, punctuated by daily warnings that the country confronted the gravest economic crisis since the Great Depression if lawmakers failed to act.
Bush was poised to make a statement on the historic vote.
"We all know that we are in the midst of a financial crisis," House Republican Leader John Boehner of Ohio, said shortly before casting his vote for government intervention in private capital markets that was unthinkable only a month ago.
"And we know that if we do nothing, this crisis is likely to worsen and to put us into an economic slump like most of us have never seen."
Speaker Nancy Pelosi, D-Calif., said the bill was needed to "Begin to shape the financial stability of our country and the economic security of our people."
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$700 billion for now, this WILL go up drastically. I already saw one of these crooks on Wall St. saying the reason the market is not going up right away is that the bill does NOT DO ENOUGH, it still does not take care of the credit problem. This is just the beginning. There is a clause in the bill, which raises the old national debt allowed to go from 9 trillion(which I think we are already over?) to 11.3 trillion. This bill is supposed to be ONLY $700 billion, why do they need to raise the allowable deficit over 2 trillion dollars?
Don't worry, us working people with bank accounts under $100,000 are safe, oh wait, now even up to $250,000, thanks to the FDIC. Really? FDIC has 45 billion on account. They already insure over $4 trillion in accounts. Their plan if they need to pay out more than $45 billion for failed banks, borrow from non failed banks, oh yes, and to get $150 billion from the government.
Is it to late for me to go get a million dollar home with no money down and then get some guvmint munee to pays my billz?
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:'(
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Well atleast 171 house members got it right.
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It is a shame.