Like Moses descending from Mount Sinai with the stone tablets that would lay down the law to save humanity, House Speaker Nancy Pelosi announced that Congressional leaders and the Bush administration had reached a tentative agreement on a bailout of those financial markets that are on the brink of collapse.
CNN.com reports that the House could vote on it on Sunday and the Senate on Monday. House Speaker Nancy Pelosi announced the accord just after midnight Saturday and said it still has to be put on paper.
Treasury Secretary Henry Paulson talked of finalizing the deal but added: "I think we're there."
The aim of the deal is to prevent credit from drying up and causing a meltdown of the U.S. economy.
Read the New York Times article about the tentative bailout agreement here.
Read the CNN.com article about Congressional bailout agreement here and here.
Read the Atlanta Journal-Constitution article about the tentative bailout agreement here.
plez sez: in their haste to respond the clarion call by president bush, it seems that the congress has forgotten that all of us are going to have to pay for this bailout... it would be nice for the citizens of the us to have an opportunity to review and critique this "agreement" BEFORE it is voted on by the house.
a few days ago, i expressed some concerns (here) about this bailout package. methinks that plezWorld needs to give his congressman a call on sunday... i strongly urge you to call yours.
I think we should wait awhile. It amazes me that all of that creative financial intelligence can not be used to save themselves. Those financial people took data analysis to the nth degree and now they are behaving as if they are dumb as doorknobs.
ReplyDeleteHere's a reasonable Bailout Plan that may actually work. It addresses the issue of this not being a bailout, but rather an investment, and it pushes $ back to the US Citizens, and saves Social Security. That's what I'm talking about!!
ReplyDeletehttp://sinatraco.com/blog/2008/09/27/the-sinatra-bailout-plan/