Monday, September 29, 2008

The Bill FAILED!

I don't know why i'm so surprised, i'm referring to the $700 bill bail-out plan. It just failed the House vote. I would be lying if I said that I understood this issue 100% but what I do know is that the DOW JONES plummeted to it's worst point since Sept 17 2001. Honestly I wanted it to fail because of some sort of revenge factor- i mean why do we get stuck paying the bill for wealthy CEO's who decided to make a buck by breaking the rules and fudging the books? But then the rational side of me is like: grow up. What happened on Wall Street will affect not just OUR economy but the WORLD. We are already seeing British banks failing, and the Asian markets haven't even opened yet! The effects of globalization.
Right now i'm waiting to hear from House leaders to talk about what to do next. I mean the bill proposed was supposed to have the government buy bad mortgages to clean up the banks and we were going to do this hoping that in the future (yet with no guarantee) we would make the money back with a profit, the only problem with that is that its all speculatioN! AND on top of that $350 bill of those dollars would have no congressional oversight whatsoever so basically if Sec. Paulson wanted to put the money behind special interests, there would be no way to find that out. So yeah there are problems with this bill but there is no way we can sit back and do nothing, right now headlines are being made around the world about the failure of this bill- we were the first country to come up with a comprehensive plan to deal with the failures of the banks- and now there's just chaos.

1 comment:

Artistic Logic said...

damn you, globalized economy
wait, so what does this mean then? what's going to happen next?