A souvenir: the bailout plan by Claudia Sonea

It is obvious you can make politic even while dead bodies fell all around you. Wall Street went in a downward spiral after the House lawmakers rejected the bailout plan, yet neither Obama nor McCain stopped campaigning for the votes that will bring them the lusted presidency. The financial markets were shook to the ground, but the tight score showed that some of the House members are not ready to sacrifice taxpayer money to bailout banks.
According to the bailout plan the government would have bought mortgages and other loans from the financial institutions with a risky situation. It should have brought a shed of light upon the crisis and bring it slowly but safely to an end. Treasury Secretary Henry Paulson, Bush, Barney Frank, chairman of the House banking committee, are among the vast supporters of the bill and still it did not make it through. Not even the pressures coming from the U.S. Chamber of Commerce and the National Association of Realtors helped to the passing of the bill. The House will meet again after the Jewish holidays which means that until supporters of the bill should come up wi
Democratic presidential candidate Barack Obama encouraged doing some changes to the bill and not making a new one. He believes (probably advised by specialists) that raising the amount of federal deposit insurance from $100,000 to $250,000 would give a boost to small businesses, a more secure system to U.S. banks, and confidence to the people. Obama demanded action just like his opponent, however, he was in the advantage that the ones opposing the bill were mostly Republicans- although McCain underlined that is no time to look for someone to blame. Money and politics seem to go hand in hand; even as the shares plunge on the market, the voice of presidential candidates raise higher and higher (one against the other, of course).



related story: http://news.yahoo.com/s/ap/financial_meltdown;_ylt=Alkh3NpsbQLH51IkHekoHC2s0NUE

by Claudia Sonea for PocketNews (http://pocketnews.tv)

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