Posts for Ticker ‘Bailout Package’

$700B Bailout Passage Keeps The Hangman Away, For Now

House_vote_yes_2 The $700 billion bailout bill passed the House after its failure early this week.  The Senate has already approved this new package which contained many more add-ons than the prior bill.  The magic number was 218 YES needed to win.  Our image to the right was taken when the vote was still going as it appears the final tally was 263 to 171 in favor.   There are two issues at stake here.  The economy was toast without this package.  That is first and foremost.  But the economy is still likely going to suffer and enter into a recession.  People who bought too much house or that were duped into bad mortgages are still facing foreclosures.  Credit card defaults are still rising.  Loan loss reserves are increasing.  Jobs are still being lost.  Manufacturing is slowing.  This is still an unfinished chapter in the history books.

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Posted on: October 3, 2008 – 12:24 pm in Economy, Law, , ,