Congress passes revised bailout bill

Reply Fri 3 Oct, 2008 11:57 am
U.S. lawmakers pass $700 billion bailout bill

The U.S. House of Representatives has passed the revised version of $700 billion bank bailout plan intended to bolster the ailing U.S. financial system.

The House rejected the original bill on Monday, sending stocks tumbling around the world.

But lawmakers approved the rescue package, backed by U.S. President George W. Bush and Treasury chiefs, Friday after the U.S. Senate passed it by a large majority on Wednesday.

Congress voted 263 to 171 in favor of the bailout bill, which will now go to President Bush to be signed.

Wall St, after climbing nearly 300 points before the bill was passed, slipped slightly after the successful vote as the market tried to take in the news.
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Reply Fri 3 Oct, 2008 12:48 pm
@Robert Gentel,
CNN.com/world business wrote:
But the bill also includes some odd sweeteners -- so-called "pork-barrel legislation" -- such as an excise tax exemption for a very specific type of arrow used by child archers, a $478 million tax incentive scheme to encourage movie companies to continue producing films in the U.S, and measures to allow employers to provide benefits to employees who commute to work by bike.

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Reply Fri 3 Oct, 2008 05:22 pm
@Robert Gentel,
Thanks for the info!
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Reply Fri 3 Oct, 2008 05:49 pm
@Robert Gentel,
a business writer for the times of london has a rather gloomy view of the "bailout" , he writes - in part :

full text : http://business.timesonline.co.uk/tol/business/columnists/article4878611.ece?print=yes&randnum=1223077109338

The next question is, will it be enough? Frankly, the odds are not good. There are plenty of signs that the credit crunch has spread out of finance into the real economy. Another 159,000 off US non-farm payrolls in September is just one. If corporations, encouraged to take on too much debt in good times by those same banks, now find their access to credit limited, they will seek to reduce borrowings, delay investment and lay off workers. Those workers, and everyone else worried about their jobs and houses, will stop spending.

Those corporations see falling sales, whether of consumer goods or of their components " note the abrupt fall-off in demand reported this week by Wolfson, which makes chips for iPhones, for example " and lay off more workers. Meanwhile, more entrepreneurial smaller firms, which have traditionally provided much of the impetus for economic growth, are even more constrained by their bankers. This is how it goes, down and down in an endless spiral.

At the end of that spiral there are two futures. One is Götterdämmerung, a financial catastrophe that does indeed bear comparison with the aftermath of 1929 " and please, disregard anyone who claims we are there, or anywhere near there, yet.

The other is a sadder, shabbier world perhaps more comparable to Britain in the 1950s, where luxuries were just that, mostly inaccessible, a step up the housing ladder meant years of penury ahead and credit was almost unheard of. Worry if you work in finance, estate agency, retail or other vulnerable areas, or if you are unable to trade out of your debts on your existing salary.

he ends by saying : have a happy weekend !

personally , i have some doubts about a quick recovery - which some claim should happen within the next year .
my opinion is probably somewhat clouded by canada's rather sorry experience during the late 70's and the 80's when the canadian dollar was worth around 60 cents U.S. and canada was on the watchlist of the IMF !
so : have a good weekend !

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Debra Law
Reply Fri 3 Oct, 2008 05:59 pm
Will the bail-out package fix the economy?

Anyone looking at the bail-out package as the salvation for the banking system or the U.S. economy is dead wrong. The problems in the economy and the banking system have gone far beyond what the package can fix.

Reply Sat 4 Oct, 2008 11:35 am
@Debra Law,
db posted :

Will the bail-out package fix the economy?

two guys are just now arguing about that point on CNN .
guy # 1 : "i don't want to live in a dictatorship where the government runs the economy ! "
guy # 2 : "we can either give the government SOME control NOW or we can wait 'til everything goes up in flames and there after we'll have a complete dictatorship for sure ! "

two choices - if i had to pick , i would pick guy number #2 's choice .
a third worldwar doesn't sound appetizing to me at all - complete dictatorship followed by WW II was enough for me !!!
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