Sunday, September 28, 2008

Discussion Draft of Bailout Bill

Here is history in the making. The Wall Street Journal has the draft of the Bailout Bill. The text here is the agreed-upon draft of the House Resolution for the 2008 $700 billion economic bailout plan. The final version of this bill, if it passes, is likely to look different.

I have to admit I am skeptical. Is giving the rich people who caused the economic mess in the first place a good use of tax money? Will it even solve the problem? However, will failing to pass this bill cause a recession or depression which will make life tough on the tax payers too? I just do not know. I do not think anyone else does either. When in doubt, maybe it would be best to not throw away $700 Billion?

3 comments:

jez evans said...

I look at it more along the lines of, "Rather be safe than sorry."

Jennie W said...

I have to say I don't think the bailout is a good idea. The government is just going to make this longer, messier and deeper. They are finding now that FDR made the Great Depression longer with his New Deal now!

I also think the American people need to step up and accept responsibility as well - they are the morons who agreed to 50 year mortgages, used credit cards indiscriminately and aren't paying attention to their own government (as evidenced by the fact they don't vote!)

Anonymous said...

The bailout is absolutely crucial... Look, its not about bailing out some fat bankers, its about liquidity and confidence. The bankers were greedy and the regulators did an appalling job, however somebody has to deal with the situation or else this will affect (it already is and to some extent it will affect in any case) ordinary people and businesses in most parts of the globe.
Lets start pumping, the sooner we start the faster we will refill it.