Posted by Angel Elliott, BET News for YOU(th) Vote!

Excuse my skepticism, but I find it awfully suspicious that the White House can ALWAYS find some cash to help out failing corporations/businesses. But they can’t find a way to alleviate the prices at the pump, the rising cost of consumer goods, or didn’t know what to do when Black folks were losing their homes due to us being disproportinately affected by the mortgage crisis.   

So lawmakers and the White House have finally reached a consensus on the 700 Billion Dollar bailout, and the house vote is planned for today. Here are some points of the new plan:

They won’t spend all the the cash at once:

The government will get $250 billion immediately. $100 billion more if the President says it’s needed (we all know he has the best judgement / ) ; and the last $350 billion will needed approval by Congress.

This is NOT a corporate payday.

Companies that choose to participate, will face tough limits. They can’t use the  money to recover bonuses, or just shell out the cash to employees and executives as they see fit.

The bill WILL help out Homeowners.

The government will be required to try and renegotiate the bad mortgages it acquires to try and lower the borrowers [homeowners] monthly payments so they can keep their homes.

The government will insure your stacks.

The Treasury Department must establish an insurance program, to guarentee companies troubled assets. -Meaning if you’ve invested money in a failing company, you won’t lose it, or they won’t.

But hey,

To me, the bill feels like a rushed piece of legislation, hurried by Congressional leaders in an attempt to get the damn thing signed. 

But is it enough? Was it worth all the drama of McCain suspending his campaign? Can it really save the economy? Will it help black folks? Or is it just a rescue for big business?

Let me know what you think,

-Angel

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