Monday, September 29, 2008

US Finance Crisis: Modified Bailout Plan \ Apostasy

WASHINGTON - The House braced for a difficult vote set for Monday on a $700 billion rescue of the financial industry after a weekend of tense negotiations produced a plan that Congressional leaders portrayed as greatly strengthened by new taxpayer safeguards.

The 110-page bill, intended to ease a growing
credit crisis, came after a frenzied week of political twists and turns that culminated in an agreement between the Bush administration and Congress early Sunday morning. […]

The bill calls for disbursing the money in parts, starting with $250 billion followed by $100 billion at the discretion of the president. The Treasury can request the remaining $350 billion at any time, and Congress must act to deny it if it disapproves... The New York Times

While many Republican lawmakers seek to distance themselves from the plan, or disown it altogether, White House officials hope the heated opposition gradually will cool if the plan works.

Many frustrated conservatives see Bush's rescue plan, on top of his decision to invade Iraq, as cementing his legacy as a big-government conservative. To others, it marks his apostasy from conservative orthodoxy… The Wall Street Journal

Wall Street Bailout Failed

The spirit of bipartisan US congressional cooperation that brought the Wall Street bailout bill to the vote has fallen apart in a rancorous slanging match, amid talk of a "poisoned" debate. […] The New York Stock Exchange suffered its worst ever single-day points drop as news broke of the failed bailout bill. Telegraph UK

1 comment:

Remind Myself said...

Recently an insurance company nearly wind up....

A bank is nearly bankrupt......

Who fault?

The top management of the Public listed company ( belong to "public" ) salary should be tied a portion of it to the shares price ( IPO or ave 5 years ).... so when the shares price drop, it don't just penalise the investors, but those who don't take care of the company.....If this rule is pass on, without any need of further regulation, all industries ( as long as it is public listed ) will be self regulated......

Sign a petition to your favourite president candidate, congress member again and ask for their views to comment on this, and what regulations they are going to raise for implementation.....If you agree on my point, please share with many people as possible....