Monday, September 29, 2008

Bailout Vote Today

In Washington D.C., the House of Representatives will be gathering to vote on the $700 billon bailout package. Below is an article from MSNBC that highlights the priorities of the Bailout plan.

Democrats got many concessions in bailout
But GOP held fast to not tying $700 billion proposal to homeowner relief

WASHINGTON - Sold to American taxpayers for up to $700 billion: an unprecedented plan to buy distressed banks’ least desirable mortgage assets.

What started as a fairly simple three-page proposal giving the Treasury Secretary unchecked power to orchestrate a bailout of the country’s financial system ended up as a complex rescue package, with enhanced congressional oversight, some added protections for taxpayers and a slap on the wrist to highly paid, underperforming executives.

The ultimate goal of the plan remains the same: buy bad mortgage-related bets from weakened financial companies so they can raise fresh capital and resume normal lending operations to businesses, municipalities and consumers.

Click here to read the rest.

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