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And Another One Bites the Dust … Economy Failing Fast
Published by Ashley on Friday, September 26, 2008 at 12:03 pm.Posted by Ashley Slayton for BET You(th) Vote
UPDATE: Lawmakers reached an agreement Sunday night on the $700 BILLION BAILOUT BILL! Click here to check out the specifics of that agreement.
While most of us were unconscious last night, the American economy was on a steady decline. Washington Mutual Inc. became the latest corporation to fall in the domino-like chain of business going under, making WaMu the largest bank failure in U.S. history. The company closed its doors Thursday and sold its assets to JPMorgan Chase for $1.9 billion.
Earlier this month mortgage companies Fannie Mae and Freddie Mac were seized by the government. The failure of the two Goliath-sized companies, sent government officials into a frenzy of activity to counter the catastrophic financial effects. However, there is a silver lining. A $700 billion dollar silver lining, that is.
The Bush administration proposed the pricey bailout plan last week. The plan pays out money in installments dishing out $250 billion up front to buy bad debts, $100 billion on treasury secretary’s request and $350 billion subject to congressional joint resolution. But not everyone is in favor of the plan. Republican law makers have planted their heels and are arguing against aspects of the bill. Turns out they’re not the only ones. Protesters are making their presence known as well, launching websites such as www.nowallstreetbailout.com .
“If money isn’t loosened up, this sucker could go down,” President Bush reportedly said in a meeting with lawmakers. Finally! Something we can agree with the president on. You’re darn skippy this sucker is going down, and it’s sinking faster than the Titanic. Despite the hefty price-tag, and what the plan essentially means (transferring money from working Americans to wealthy institutions), I’m for passing the bill. That’s largely because options are looking pretty slim. But what about You(th) Voters?
Are you for or against the $700 billion bailout bill?
-Ashley
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I am AGAINST the bill. It’s like a flashback of the 1930s when the govt.’s solution was to throw money at the problem, but because they weren’t getting anything back, the economy just went further and further into debt! Face it, we’re looking at another Great Depression if we’re not careful, and this plan isn’t exactly guaranteeing that we’ll get all that money back.
The only way I’d go for the bill is if they could assure to find a way to get that 700 billion dollars back without sending the country further into the crapper. If they can promise that, then hey–I’m all for it–but if not then leave that money where it is and come up with something else.
I AM AGAINST THE BILL ! Due to the fact that I know this money is coming straight out of the middle class and working Americans POCKETS!
Face Bush has 114 days left in office. And apparently he must have this mentality that he’s gonna help this country b4 he leaves office. But what that retard cowboy doesn’t know is his plan won’t work!
.OBAMA 08.
PEACE YA!
Another thing January 20, 2009…… we’ll hear these words,
” I’d like to introduced the new president of the United States…… BARACK OBAMA…………………………………..!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
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