After this bill was rejected a short time ago by the House of Representatives, the Senate has a new 700 Billion dollar bailout for the struggling economy. The vote passed with a 74-25 vote. Both Minnesota Senators Norm Coleman and Amy Klobachar voted for this. Majority leader Harry Reid (D-NV) says "An end to the crisis is now in sight," he added later that "This is not a piece of legislation for lower Manhattan. It's a piece of legislation for all Americans." Reid expects that the U.S. H.R. will pass this bill making it go into effect. Many believe this is the first step to a better economy.
Thursday, October 2, 2008
Senate Firmly backs bailout
After this bill was rejected a short time ago by the House of Representatives, the Senate has a new 700 Billion dollar bailout for the struggling economy. The vote passed with a 74-25 vote. Both Minnesota Senators Norm Coleman and Amy Klobachar voted for this. Majority leader Harry Reid (D-NV) says "An end to the crisis is now in sight," he added later that "This is not a piece of legislation for lower Manhattan. It's a piece of legislation for all Americans." Reid expects that the U.S. H.R. will pass this bill making it go into effect. Many believe this is the first step to a better economy.
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5 comments:
The bailout is important at this time in the economy. Of course, this bailout came with some LiBerAL earmarks. For example, tax breaks on arrows. Yeah, there wasn't a typo. Tax breaks on arrows you shoot. Period. WTF? Besides with that b**** (self-censoring is good) Nancy Pelosi, nothing gets done at the capital without a liberal agenda. One more thing: DEMOCRATS are the people who blocked the bill the first time.
Truth be told, I don't think anyone can say where or when this "crisis" will end. Obviously its gone on for a while now and nothing we've done has even effected it apart from making it worse. We talked about this in econ last year even and its still worsening today. As far as I'm concerned, paying these taxes will suck, but with gas going down I can have a little more fun! Especially since I got my car tonight!!!
I agree with Justin, but how much would you love if your repersentative came up to you and said, "So, our economy is failing and will be this horrible and bad for a very long. Chances are that your parents might not be able to put you through college because of it, but don't worry." I have the feeling, knowing you, that you might not react the best. Is it really horrible that they're trying to give us a little hope in the middle of this hopeless time? By the way Kevin, Democrats didn't stop the bill the first time, they tried to help pass it. Republicans are usually the ones who don't want the government to interfer with the economy. So, before you think of disrespecting someone that way you might want to get information from something besides campaign ads. I don't like or agree with Bush, but I'm not cussing at him, learn some respect for people.
I agree that those taxes will suck a lot (not that I'm going to be paying them but still...) And I suppose that the bailout is good to stablize the housing market for now, but it seems to me that the bailout is for more of a short-term gain than a long-term one. Of course now the housing market is stable, but at what cost? Now, the government is in control of it. Being an economic conservatist, that does not sound good.
I think that the rulers were in too big of a hurry to get something done. If they had let the companies just go bankrupt, and hire other people to take over and liquidize the debts. That way only the CEOs would be punished, we wouldn't have to pay taxes, and the government wouldn't get any more control.
I don't think that the 700 billion dollar bailout will completly end the current economic crisis. I was doing some reading and the site that i read said that the problem is a 10-20 trillion dollar problem, so if we don't come up with something a little more imaginative than just throwing money at our problems than we may be throwing a lot of money.
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