Finally, the leaders of congress and the White House have come to an agreement concerning the $700 billion bailout. I, for one was absolutely stunned that the House Republicans would hold up such an important legislation from being passed. I have spoken to a number of people who are against the bailout; and the polls taken nationwide have proven this also. However, if the bailout doesn’t happen the situation which is already bad, will only get worst. I’m in no way inclined or in favor of helping those fat cats on Wall Street who have perpetrated this debacle. As taxpayers our monies should not be used to bail them out without some kind of penalty and the restrictions provided in the bailout will make sure that no one will reap any personal financial rewards. I have no problem with this.
I’m hoping that when this legislation goes to the House of Representative on Monday it will pass. We know for a fact that the President will sign it immediately. He’s pretty desperate because it was his failed policies which allowed this debacle to take place in the first place along with those greedy CEO’s on Wall Street. It’s funny whenever he wants something done which needs the approval of Congress he’s the first to ask for a bipartisan resolution. However, if something isn’t done the market will explode. Here’s how the Speaker of The House, Nancy Pelosi says the $700 billion bailout will work; $250 billion would be allocated to the government immediately. Then another $100 billion would be added if the President can prove that it is needed. The final $350 billion would need “a separate certification-and subject to a congressional resolution of disapproval.”
Clearly, the Congress is letting the President know that no one will take the taxpayers money and use it for their own personal use especially Wall Street; accountability will be first and foremost. It behooves me that so many of my friends pretend and behave as if they do not understand how the failure of the bailout could impact their livelihood which it already has. It’s as if they aren’t concern or worried about their 401k, their homes and mortgage, car notes and just the daily nuances of taking care of their families. The American dollar is decreasing as I write this. And foreign and multinational corporations are not running to invest in our companies. Can you believe we owe China $3 trillion? China is investing around the world especially in Africa and other parts of Asia while America under President Bush has dismantled our economy and our standing around the world. The world is watching our government, NASDAQ and those greedy CEO’s on Wall Street, and despite not engaging in any lengthy discussion on how they will vote on the bailout during their debate, Senators McCain and Obama will have a lot of work to do once they are in office.