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Do-Nothing Congress On Hot Seat
Doug Carder
Our country is slipping closer to the edge of a financial crisis that harkens comparisons to the Great Depression of the 1930s, following the stock market collapse in October 1929.
Economists, political leaders and Secretary of the Treasury Henry Paulson say the consequences will be dire if Congress does not approve a $700 billion bailout of the nation’s troubled financial services industry.
Economic experts say the trouble goes much deeper than bailing out Wall Street. If the bailout is not passed, the ripple effect will lead to lost jobs, depleted retirement accounts tied to the stock market, more home foreclosures, and a general slowdown in American productivity.
After the House failed to pass the bailout bill on Monday, President George W. Bush said if Congress fails to act, the result could be painful and lasting.
“We are facing a choice between action and the real prospect of economic hardship for millions of Americans,” Bush said Tuesday morning.
Let’s hope Congress will take action to prop up the economy before this country slips into a deep recession.
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Our country is slipping closer to the edge of a financial crisis that harkens comparisons to the Great Depression of the 1930s, following the stock market collapse in October 1929.
Economists, political leaders and Secretary of the Treasury Henry Paulson say the consequences will be dire if Congress does not approve a $700 billion bailout of the nation’s troubled financial services industry.
Economic experts say the trouble goes much deeper than bailing out Wall Street. If the bailout is not passed, the ripple effect will lead to lost jobs, depleted retirement accounts tied to the stock market, more home foreclosures, and a general slowdown in American productivity.
After the House failed to pass the bailout bill on Monday, President George W. Bush said if Congress fails to act, the result could be painful and lasting.
“We are facing a choice between action and the real prospect of economic hardship for millions of Americans,” Bush said Tuesday morning.
Let’s hope Congress will take action to prop up the economy before this country slips into a deep recession.
Comments on "Do-Nothing Congress On Hot Seat"
Comments are limited to 200 words or less.Blunt Force Trauma wrote on Oct 1, 2008 6:16 PM:
" "If the bailout is not passed, the ripple effect will lead to lost jobs, depleted retirement accounts tied to the stock market, more home foreclosures, and a general slowdown in American productivity."
"Economists" are the bane of society. Trained monkeys indoctrined by universities and antiquated cirriculum that turn out non-thinkers and spew incoherent babble.
Those things mentioned by the "economist" have already happened and continue to happen. This "bailout" will slow those events down...a bit. But it will not stop them from happening altogether. Anyone who says different doesn't understand the bigger picture which are derivatives. Anyone of those "economists" got $440 TRILLION for that? "
"Economists" are the bane of society. Trained monkeys indoctrined by universities and antiquated cirriculum that turn out non-thinkers and spew incoherent babble.
Those things mentioned by the "economist" have already happened and continue to happen. This "bailout" will slow those events down...a bit. But it will not stop them from happening altogether. Anyone who says different doesn't understand the bigger picture which are derivatives. Anyone of those "economists" got $440 TRILLION for that? "