As of October 1st, the bill is not a sure thing. It passed the senate by a margin of 75-25 (this headline you will see everywhere) but it still needs to be pass the house on Friday. I’m no politician so I have no idea why it needs to pass so many levels of votes and the differences between the two. However, I just want to make sure that people are clear on what’s happening.
The faith of the bailout / rescue bill won’t be decided until Friday.
In the meantime, make sure to:
- Not panic no matter what happens
- Remember what’s really important in life
- Keep investing!
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{ 7 comments… read them below or add one }
It is going to pass the house. The senate really put the pressure on the house at this point. On my blog, I talked about what you should do if you are like me and have some money to play with in the short term. Otherwise, I agree with you in the long term. Don’t worry about what happens on Friday.
I’m not exactly sure what changes they have made from the previous bill but I’m pretty sure it will go through this time. This is definitely not a time to be making cheap political points.
it has to pass both houses because it was set up like that back in the 18th century to prevent big states from overpowering the small ones. senate= everyone equal. house= population based
Might I suggest you invest in an American Government textbook? I think that most people assume our government is complicated but it really isn’t. The checks and balances of the three branches of government are, at their core, quite simple and, at least in my humble opinion, quite fascinating.
Congress is the bicameral (two chambers) legislative brach of our government. It consists of the Senate and the House of Representatives. The Senate always has 100 members — two from each state. This ensures that each state gets an equal voice no matter how large/populated that state is. Then there’s the House of Representatives which currently has 435 members. The number of representatives each state sends to Congress depends on the number of residents of that state. This ensures that a more populated state gets a bigger voice — after all, we are a Representative Democracy.
The Legislative branch of our government is where bills are turned into laws. A bill has to pass (be voted for) by both the Senate and the House before it goes to the President. If he signs it, the bill becomes a law. If the President vetoes the bill, it doesn’t.
Here is an idea. Give the US taxpayers the money. We would each get $400,000 from this $700 billion, and we can jump start the economy ourselves!
Here are more reasons it’s a bad idea
http://freakonomics.blogs.nytimes.com/2008/10/02/john-cochrane-on-why-the-bailout-plan-would-be-a-disaster/
Here’s a link to a 1999 NY TImes article that explains how we got in this mess. It also predicts (in 1999) that a bailout will be needed. Interesting!
http://query.nytimes.com/gst/fullpage.html?res=9C0DE7DB153EF933A0575AC0A96F958260&sec=&spon=&partner=permalink&exprod=permalink