That was a nice run of good news there- two in a row! With trends in this country being what they've been, I knew it had to end. The Senate, predictably, tweaked the bailout to make it a little worse than it already was, thereby making it more palatable to our Senators, including McBama. The House gets to take its' vote tomorrow. From CNN:
The legislation, if passed by the House, would usher in one of the most far-reaching interventions in the economy since the Great Depression.
Advocates say the plan is crucial to government efforts to attack a credit crisis that threatens the economy and would free up banks to lend more. Opponents say it rewards bad decisions by Wall Street, puts taxpayers at risk and fails to address the real economic problems facing Americans.
CNN got my opposition right, that's for sure. So, under the Bush Administration, yet another bureaucracy stands to be born:
the Senate version would set up two oversight committees. A Financial Stability
Board would include the Federal Reserve chairman, the Securities and Exchange
Commission chairman, the Federal Home Finance Agency director, the Housing and
Urban Development secretary and the Treasury secretary.
Financial Stability Board? What next? An 'Equalization of Outcomes Bureau'? A 'Forgiveness of Stupidity Department'?
I don't know about you, but for me, this doesn't inspire confidence. It terrifies. Glad I got out of the market when I did, and got into gold, silver, and oil. Best decisions ever. CNN covers some reactions by random Americans, none of them speak of confidence. Best advice there: Live within your means, and plan now for your future.