Tuesday, September 30, 2008

Don't Miss the "Mini" Bailout

Despite its gridlock on Monday, Congress did manage to prove $25 billion in loans to America auto-makers this weekend. This is the first such measure since the government helped Chrysler in 1980.

I just thought someone should mention it.

As for the $700 billion bill that failed to pass on Monday... I just don't know what to say right now.

I'm stunned that it failed to pass. That being said, I'm not 100% sure that its failure is a bad thing in the long run (of course, it obviously seems to be catastrophic for the short term well-being of the world's stock markets). Perhaps the delay will lead to a superior bill in the coming days...but I guess neither party is giving us reason to be optimistic about such an outcome.

1 comment:

Unknown said...

I'm very glad that it didn't pass. It was a rush-job, and it was a bad idea.

I'm hoping (perhaps in vain) that cooler heads will prevail and a more measured and reasonable approach will be taken. I also think that this failure will force both parties to be more willing to compromise and to build on their common ground, which is almost always a good thing.