http://www.startribune.com/politics/national/congress/30072414.html?elr=KArksUUUU
I read an article on the recent 700 Billion Bailout plan that got refused by Congress. Its a relatively basic article. Nothing fancy but the info is interesting. President Bush wanted the bill passed as did the democratic leaders in Congress but it still didn't pass. This fits the pattern I talked about in a comment to Narah. There is a pattern I see in failing economies of today. The people in charge don't know really what to do in the case of a disaster, thus when the great thing befalls our economy they panic and send out a bunch of legislation that only worsens the wound. In our case these bailout bills are being thrown out on the table the leaders thinking that they'll make everything better, such as the huge 700 Billioin bailout and the automakers loan bill to help them make more efficient cars. Thankfully we also have people who do know what they're doing. Congress vetoed the 700 billion bailout bill. A few potent arguements were made against the bill. The one I stand behind is, Where are we going to get 700 billion$?! I don't want to pay huge taxes for the rest of my life because the current leaders can't screw their heads on straight. My paychecks take a big enough hit as it is. The other arguement I found was just the fact that the idea wasn't presented very well at all. Very few were convinced. Democrats and Republicans alike vetoed the bill. The Parties uniting? This goes to show that the bill was rushed and no one knows what they're doing. Its good we have a new president on the way, its America's only chance to make a real change or not.
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I'm writing an article about the bailout bill for Zephyrus for the next issue. Also when I was looking up the facts about it, it didn't pass the house then it went through the senate and got revised and then bush signed it Friday afternoon on October 3. I'm still not sure what the revised one looks like, but the bailout bill passed. Hate to break it to you.
Also I think that the economy is too fragile and mysterious to predict what will happen. To the best of my understanding it will probably throw us into inflation, but on the other hand the economy doesn't always do what we predict in certain situations, so it could be helpful too.
You never know.
I don't know how much the bill will make an impact, regardless, I think that it will lead to a first step to a better economy. One of the debate cards i had to write said that "The economy will only return to potential growth in 2010", the IMF said. This means the economy moves in cycles and it will not get better for a few years. But the important thing is it will get better.
(the source on that fact is http://news.xinhuanet.com/english/2008-10/08/content_10167055.htm
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