Bailout Passes Congress
So today the House of Representatives passed the revised bailout package by a rather substantial margin. Now Americans are going to add about EIGHT HUNDRED BILLION DOLLARS TO THEIR NATIONAL DEBT, in order to bail out the very businesses that put them into an economic tailspin. It is interesting to listen to the way so many have defended this bailout package, while ignoring the wisdom of financial experts, that aren’t tied to big consumer banks. It is also interesting to note, that during this election year, the members of the United States Congress IGNORED the wishes of their Constituents.
And how will that all play out come this November?
A $700-billion US financial bailout bill won approval in the U.S. House of Representatives on Friday, passing by a vote of 263-171, after a week of setbacks that sent North American stock markets on a wild ride.
The vote capped two weeks of tumult in Congress, punctuated by daily warnings that the United States would be forced to confront its gravest economic crisis since the Great Depression if federal politicians failed to act. (source – CBC News)
Now that most American kids not even born yet, will be saddled with an enormous debt structure, how has this news been greeted on the very markets being bailed out? WHY THEY DROPPED! I am serious, prior to the bill passing, the markets were rebounding from yesterday’s nose dives, and quite nicely, yet as the bill passed, and news about it filtered out, the markets took a dive again.
The Toronto and New York markets gave up some earlier gains Friday as Congress passed the revised $700-billion US package to address the U.S. mortgage finance crisis.
The package was passed shortly after 1 p.m. ET. In early afternoon trading, the TSX/S&P composite index was up 179 points to about 11,080. It had been up as much as 380 points earlier. (source – CBC News)
Interesting isn’t it? All those pundits, experts from both sides of the aisle, saying how this package was needed to restore confidence, to stabilize the financial markets that had been going crazy, and yet here it is, passed, and the markets go down. Tell me again George Bush, John McCain, Barack Obama, Nancy Pelosi, Harry Reid, Secretary Paulson, just how is this package going to help stabalize, what is basically, a corporate manipulated market? Does Wall Street really effect the business being conducted, or is it just some smoke and mirror conjuring trick?
One thing is certain, if I was a politician right now, I’d be making plans for retirement, and if I was an American Voter I’d be burning up my browser checking out the other political party websites, looking for ANYONE BUT WHO IS IN POWER NOW.
Sphere: Related ContentIan @ October 3, 2008