Archive for October, 2008

The Wall Street Bailout Bill Is Passed and Signed into Law

Today in a 263–171 vote, the House of Representatives passed the Emergency Economic Stabilization Act of 2008, a $700 billion (and that’s just an estimate) bailout of the U.S. financial system, which President Bush quickly signed the bill into law.

I believe this bipartisan legislation is the wrong course for the country. I give credit to Congress for taking action and doing what it felt was the right thing for the economy. But using tax dollars to essentially pay for Wall Street’s mistakes is a horrible idea, and I am not at all convinced that the this bloated bailout package will even help the economic situation in the long run.

Unfortunately, the so-called rescue plan is now law, so we will have to wait and see what good (if any) will come of it.

Advertisements

Leave a Comment