Wednesday, October 1, 2008

Senate Passes Bill To Save Wall Street

Just got an email alert from the New York Times informing me of this. As you all already heard, the original draft of the bill was first shot down, so I take it that this means this version fits whatever they had in mind. I'll post more about it after some research.

However, I wish to say this now. I hope and pray that this bailout is worth it. I'm not sure how much more the American people can take of all this. Everyone seems to be waking up to the loads of crap lurking underneath the surface. But, might it be already too late?


  1. Keep in mind that this time it was the Senate that voted, and not the House. It's a political tactic designed to re-energize the bill (since the Senate was always more likely to pass it), and I guess it's working.

    I have mixed feelings about this bailout. It feels like a bit of a scam, borrowing 700 billion dollars out of fear that it's getting harder to borrow money. I would not support such a thing just to avoid an economic downturn (of which I've already lived through a couple), but the real fear is that if we do nothing we'll wake up one day to find that no one has a bank account. Of course taking on so much more debt increases the risk of cuts in Social Security and I can't help but think it could ultimately lead to a different ugly scenario where the U.S. finds it can only pay its debts by printing a lot more money and slashing the value of the dollar (which has already suffered from 7 1/2 years of irresponsible federal budgeting).

  2. Found a good article on why the bailout is a bad idea: