This afternoon the House passed the Rescue Bill which was passed in the Senate on Wednesday night. The bill was then immediately sent to President Bush who signed the bill without hesitation.
The bill is a bittersweet piece of legislation as many are reluctant to adopt but realize that the plan is necessary given the current state of the Financial Market.
The House had originally rejected the bill ealier in the week, then the bill was just over 100 pages, the bill that the Senate passed was over 400. Many are angry that there is “pork” built into the bill, such as wooden arrows for children to use.
The fact is this bill was necessary no matter what you think about it. Congress recognized the need, came together, and passed it into legislation.
Others Blogging:
Weekly Standard
The Crone Speaks
Carolina Politics Online
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no. no it’s not necessary. a free market will always fluctuate, but it will always adjust and work itself out.
I think this is appropriate:
http://graphjam.com/2008/09/30/song-chart-memes-who-benefits-from-the-bailout/
also check out the vid at the bottom.
First of all I would love to know where the data from the chart originated, second of all, just because Ron Paul goes off about the depression doesn’t mean that this isn’t necessary. If the markets crash, we are in a depression.
Bailouts like this have been done in the past and have been profitable. Is it a risk? Sure… But I think it is a risk we should be willing to take.