The $700 billion bailout plan has been put on hold. House Speaker Nancy Pelosi was unable to pull off the deal with her friend, President George Bush's rank and file members of the Republican party. Sure Pelosi, the democrats were eating out of her hands, but even the Democrats had some holdouts. It seems that the Bush's Bill could have passed with just Democrat's support, but Pelosi is suppose to be a Democrats and that would not look good.
The Rescue plan by the Bush administration would not sit well with the voters. So, Pelosi attempts at finding cover fell short. But Pelosi gets a second chance, but by now the rest of the Democrats should know that this is not about the voters, but about drawing in big business and investors, like Warren Buffet.
Buffet reported that he would put up at least 1% in the purchase of these market value assets. Secretary Henry Paulson will more than likely pick his friends to be the purchasers of these assets from financial institutions that are in trouble.
The EESA passed over to the Senate. A less over a third of Republican voted to pass the bailout act while over seventy-five percentage of Democrats voted to pass the massive act. Click here to read. The revised act will go back to the House of Representative for a new vote.
No comments:
Post a Comment