$700 BILLION BAILOUT PLAN PASSED. Oct. 3, 2008.

Oct. 3, 2008.
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 after the successful vote as the market tried to take in the news.

President Bush later said he would sign the bill into law Friday.

He thanked all those involved and said the bill was essential to stopping the crisis on Wall St becoming a crisis in the wider economy.

Bush said it sent a message to the rest of the world that the U.S. was ready to take action to ease the credit crunch.

He said it would take sometime for the bill to have an impact on the American economy.

Federal Reserve chairman Ben Bernanke said he applauded the vote.

"It demonstrates the government's commitment to do what it takes to support and strengthen our economy. The legislation is a critical step toward stabilizing our financial markets and ensuring an uninterrupted flow of credit to households and businesses.

Source:
http://edition.cnn.com/2008/BUSINESS/10/03/us.bailout.deal.markets/index.html...

Category:

News & Politics

Tags:

• $700
• BILLION
• BAILOUT
• PLAN
• PASSED.
• Oct.
• 2008.

[markclark5]

Could it be that the Banks are stealing hundreds of billions from the US tax payer? The meetings with the bankers were those purely altruistic to save the countries economy? or to stuff their pockets on the backs of the honest workers of America? The bankers are already using the bailout money to give their own employees huge bonuses AGAIN! Support the Kosinic investigation. Don't let them get away with this again.

[jburt56]

Ok, let me explain. Workers everywhere on the planet are experiencing a decline in real wages because of labor force competition, punitive regressive taxation, underinvestment in education, relentless wars, authoritarian and fascist government, excessive spending on "security", a retarded energy infrastructure, crappy service sector jobs, ruinous environmental policies and dim-witted syncophants in the media!!! FOR US THE BANKS ARE NOTHING OTHER THAN A SUPER-EXPENSIVE BILL PAYMENTS SYSTEM. .

[muzzleray]

ha ha ha

[jsusislrd]

Please view some of Ron Paul comments on the bailout plan.

[silvercityblue]

don,t buy anything pay back time you greedy basterds

[crasster1]

God be with us. Prepare, prepare, prepare.

[homicidalmonkey]

I was skeptical about that issue a while ago, but now I can see it more and more. I know Clinton and Bush Jr. both had meetings in Mexico about the NAU. Also Clinton passed the bill to start all the ridiculous handouts of loans and mortgages. Hmmm, two and two together.

[homicidalmonkey]

As always congress didn't listen to the people. Maybe, just maybe, the stock market should've crashed now thus cleansing the corrupted people running it. Why should we pay off the people who created the problem? They were warned and should learn from their mistakes. This is just cushioning the fall.

[h2opower]

If this bill passes you have only about 8 wks before the collapse of the dollar and the collapse of the world markets aswell. All this bailout did is hyperinflate the problem, and you know what? That is exactly what they intended to do. They planned this so they can create the North American Union and the Asian Union at the same time. Plus do away with some 4 billion people from the earths current popultion through starvation and more wars.