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| 2008 | |
| October | |
| Sat Oct 4 21:32:25 2008 Congress says Yes |
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| Sat Oct 4 21:32:25 2008 Congress says Yes The $700B bailout is now law. |
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| In
Just say No, I celebrated that Congress had not passed the
Emergency Economic Stabilization Act. In my view, that would be money spent on Wall Street financiers without
clear benefit for US taxpayers.
However, the House and Senate have now approved an amended version of the Act, and Bush signed it into law on Friday. So now $700B of our money will be given to Wall Street. I am disappointed! I do feel that this will save mostly the wealthy investment banks, based on a sense of panic. I know credit markets tightened, but was this the only way to loosen them? Well, it is sad, but at this point it is now up to the Treasury and the Federal Reserve to implement the plan wisely. [As an aside: I did receive a nice form letter from Senator Murray as a response to my open letter. And I'm not being facetious--I'm sure it was actually a lot of work to properly respond to everyone that contacted her, even with a form letter.] With luck, the people holding the purse strings will be able to keep the money from flowing into doomed investment instruments. We will know in a few years! 
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