Oct 3, 2008

Bailout bill passes

In its second try in a week, the House of Representatives passes by a vote of 263-171 a $700-billion bill to "rescue" the credit markets from collapse.

2 comments:

Jay said...

Do you really think this is going to solve the economy's problems or just temporarily stop the bleeding? I believe the economy is so rotten that this package will be followed by another and another. The depths of the subprime mess have yet to be plumbed. And with this rescue, many more financial institutions are going to come clean on their troubles, overwhelming the resources contained in this bill.

Gary Scott said...

I don't think it solves the economy's problems, but maybe it buys us some time if we're willing to face our excesses. Which we probably aren't. Our economy has to change fundamentally if it is going to be sustainable, and that's going to be an ugly ride.