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US economy rescue plan: Congress approves £397 billion bail-out plan

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Published Date: 03 October 2008
By DAVID GUNN
THE lower house of the US Congress passed the £397 billion rescue package for the nation's troubled economy today.
The approval of the Bill from the House of Representatives came as members voted on the proposals a second time after they shocked and "disappointed" world leaders by rejecting the measures on Monday.

The Senate stepped in midweek and passed the B
ill first by adding more than 100 billion dollars (£56.9 billion) of so-called "sweeteners" to the proposals, piling pressure on the House to follow suit.

The Bill, which was passed by 263 votes to 171, will now go through an "enrolling" process in the US Congress – a form of housekeeping to ensure the Bill passed by the House today and the one passed by the Senate on Wednesday are the same and that it is ready for President George Bush to sign.

It will then be sent to the President's desk, where HR 1424, the Emergency Economic Stabilisation Act of 2008, will be signed into law, possibly as early as later today.

Mr Bush is expected to make a statement on the Bill at 6.55pm BST.
In the UK, Prime Minister Gordon Brown said the global financial crisis required new ways of governing and set out new plans for a National Economic Council which will meet for the first time on Monday.



The full article contains 236 words and appears in The Scotsman newspaper.
Page 1 of 1

  • Last Updated: 03 October 2008 6:46 PM
  • Source: The Scotsman
  • Location: Edinburgh
  • Related Topics: Credit Crunch
 
1

GalacticCannibal,

Murrieta CA for more WAR VOTE McCain 03/10/2008 19:09:11
Dudes,

The only reason why this bail-out plan passed . Now at $865 billion.

The votes were bought with $165 billion for "PorK" spending.
Of that $165 billion, $155 billion was pork demanded by the GPO members.

Once again, our tax dollar were taken, and will be lost in the quagmire that is Washington politics.

But since the vast tide of American mediocrity, do not vote, do not understand, do not care, and are poorly educated.. We got what we deserved. a massive tax bill that will never be re-paid.

So we move on to the next quagmire. But keep out money presses oiled, and ready to print more of those green backs.

Adios

GC

2

Cauchy Riemann,

Wales 03/10/2008 22:41:21
My gut instinct on this is that the bailout plan will give temporary relief, but long term will worsen the situation.

What's interesting is the same fear mongering hype as Iraq. 'We must pass this bill or else...', and the readiness to trust those who have got things wrong repeatedly. The same ones now pushing the necessity for this bill are the same ones who have been saying for over the past year 'the US economy is fundamentally sound and everything was OK. This isn't going to happen'.

It's being rushed through without proper alternatives being explored. (Probably because the 'crisis' which was 'never going to happen' is now imminent - and like a chess player short on time, you just have to make any move)

There are other solutions to this. They make more sense than pumping in yet more money which can simply keep everything too inflated and thus perpetuate and increase the problems.

3

Alexander the Scot,

Michigan 04/10/2008 01:36:47
4 JayDeeTee. When the World Economy hits the skids, who will be able to afford the items made in the Far East, or even the oil from the Middle East?
Barny frank was perhaps distracted by his live in "boy friend" running a male prostitute ring from the basement of Frank's home, Barny Frank along with Chris Dodd were, and still are the Congressional Overseers of the Fannie Mae and Freddy Mac Funds... talk about the fox guarding the hen house.. Chris Dodd was given huge amounts of money from those funds for his reelection campaign, a close second was Barack Hussein Obama.. of course Barney Frank wasn't left out in the cold, his sticky pudgy hands were in the till also. When other members of Congress questioned those crooks two years ago, they said that everything was in great shape.
We the taxpayer are not the sole victims of all that crookery, many economists outside the Washington circle have said that piling all of those billions of useless paper notes on top of other useless banknotes will accomplish nothing, that within a very short period of time the Dollar will collapse completely, dragging every World currency down with it.

After having cheered ya'll up, perhaps you'll be tempted to do what I heard Mich Album, a local radio host and newspaper columnist say that he was he was giving thought to after an esteemed economist appeared on his show tonight, October 3rd., he told him that we were indeed heading for not just an American recession, but a World wide depression. Mitch said that he was tempted to go home, put his head in the oven and turn on the gas.

 

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