WASHINGTON (AP) -- After one spectacular failure, the $700 billion financial industry bailout found a second life Wednesday, winning lopsided passage in the Senate and gaining ground in the House, where Republicans opposition softened.
Senators loaded the economic rescue bill with tax breaks and other sweeteners before passing it by a wide margin, 74-25, a month before the presidential and congressional elections.
In the House, leaders were working feverishly to convert enough opponents of the bill to push it through by Friday, just days after lawmakers there stunningly rejected an earlier version and sent markets plunging around the globe.
4 Comments:
To simplify the bailout bill.
1. Wall street, Goverment, American households are all broke.
2. The government is going to tax American households (through printing of money and inflation) to get money for this bailout.
3. The government is then going to lend this money to Wall Street at a negative interest rate and lose money on it.
4. Wall Street is then going to lend it back to us through bank loans at a high interest rate.
5. American households will be discouraged to work due to high inflation and declare bankruptcy.
6. A high number of bankruptcies will cause Wall street to go into bankruptcy.
7. Wash rinse repeat till we have a serious depression or the value of the dollar is equal to 0.
if i felt that negative about everything i'd have to sell everything i own and move off into a cabin in the woods and learn to live off of berries and nuts
Whether the bailout passes in the House or not is besides the point. Our big banks are in trouble and when they suffer, we all suffer. Everyone should start looking for ways to protect their money. This basically comes down to either taking your money out of the market and cutting discretionary spending or diversifying and investing some overseas. I personally use offshore bank accounts and they have helped me with diversification and asset protection. If you want to read more on why offshore investing is smarter, feel free to visit my website.
Best,
Frank Miller
http://www.theoffshorebankaccount.com
Frank,
Thank you for stopping by as well as taking the time to post your thoughts and opinions, It is appreciated.
Thanks for the link too. I will check it out.
Post a Comment