$700 Billion Bailout, Largest Bailout in History
“WASHINGTON - Congressional leaders and the White House agreed Sunday to a $700 billion rescue of the ailing financial industry after lawmakers insisted on sharing spending controls with the Bush administration. The biggest U.S. bailout in history won the tentative support of both presidential candidates and goes to the House for a vote Monday.” Full Article Here!
I heard about this one on the news the other day briefly, for some reason it slipped by an I never got around to posting on it, I just seen it on Yahoo! News so I though I would take some time to speak my mind on the subject! Now from what I have read and heard if this financial industry (not sure if it’s a bank or what) went under we would be in another state of great depression, which we already are kind of in a state of depression, just not all that bad yet.
Now, where exactly is the $700 billion coming from? All of us who pay in our taxes, thats right, all of the people out there that work hard for little pay only to get a big chunk taken out every week are now not only paying for welfare checks for people, now it is going to be used for the biggest bailout in history! First thing they should do is examine why it went under, because given time would it not happen again? Or does a $700 billion get out of bankruptcy card fix all the problems?
Alright so they bailout this company from going under for $700 billion, my question is if the government can take that much money to bailout a company, why does it seem so impossible for individual people to get money from them? For example my mother was approved for disability, but because my dad had a bunch of over time during the year before he made a couple hundred dollars over the limit, so while she was approved, she couldn’t receive any money for it.
Another example, I requested a loan extension through my school to help pay for programs I needed to purchase for my new class’s. I requested this loan nine weeks ago, I was originally told it would only take four weeks. Last month I received a letter from my school saying I may be approved for a grant as well, sent all the info in and it’s been about three weeks and I have not heard anything back on that either.
My point is that companies can get bailed out, and many people on welfare are perfectly able to get jobs, but the government still gives them money every month, but people who really are disabled or needing money to help for school expenses have to work hard and long to see any money, and often not ever seeing any.
I have also came across a site with 5 reasons to vote against the bailout. I have not had time to read the whole thing, but part of it says that the government is bailing them out by paying off debt with debt.
Update: The $700 Billion bailout bill failed. However, the saga continues! While the bill did not pass, those who voted against it will have to explain why, and they are now working on another strategy. To read more on the update go here.
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September 29th, 2008 at 5:07 pm
Just heard on the news that the bailout bill failed, and it is now under investigation! One spokesperson brought into the subject as to why they should bail out the company because there are people everyday who lose mortgages and loans.
That was short lived, but I would still be interested in hearing what others thought about it, and what others think about it failing as well.