Send a Tweet
Most Popular Choices
Share on Facebook Share on Twitter Printer Friendly Page More Sharing
General News

H.R. 1424 - Congress Sells Soul to the Bankers & Gives Americans the Boot

By       Message waronyou       (Page 1 of 1 pages)     Permalink    (# of views)   1 comment

Related Topic(s): ; ; ; ; ; , Add Tags
Add to My Group(s)

View Ratings | Rate It

Author 14890
- Advertisement -
After two weeks of anguishing debate, Congress has passed and President Bush signed a massive plan to save the financial industry and the economy at large from an unthinkable free fall. Now, the world holds its breath, seeing if it will work.

Passage of the $700 billion financial rescue package came after Treasury Secretary Henry Paulson at a meeting last month shocked congressional leaders into action by warning of pending economic collapse without immediate congressional intervention.

Paulson said after the climactic House vote Friday that he already had staff working out details and was lining up advisers from outside the government to get the money flowing.

The immediate response to the 263-171 vote was not promising. Wall Street, which plunged a record 778 points after the House initially rejected the bill last Monday, fell 157 points on Friday as more economic bad news, such as a jump in job losses, outweighed news that Congress was finally coming to the rescue.

- Advertisement -
Still, Bush and Congress made clear that the legislation was urgent and vital. “We have acted boldly to help prevent the crisis on Wall Street from becoming a crisis in communities across our country,” Bush said after the House vote. He acknowledged that “our economy continues to face serious challenges.”

“We know that if we do nothing this crisis is likely to worsen and put us in a slump the likes of which most of us have never seen,” said House Republican leader John Boehner, R-Ohio, who worked with House and Senate Republican and Democratic leaders in a rare bipartisan response to what both parties saw as a dire threat to the nation’s economic well-being.

“We are addressing the real pain felt by Mr. and Mrs. Jones on Main Street,” House Speaker Nancy Pelosi, D-Calif., said. “They are why we must pass this legislation today.”


- Advertisement -

View Ratings | Rate It

Just a fellow news researcher. I often find it hard not to be buried in the spin. So I figured I would share some articles that wont receive any attention.

waronyou Social Media Pages: Facebook page url on login Profile not filled in       Twitter page url on login Profile not filled in       Linkedin page url on login Profile not filled in       Instagram page url on login Profile not filled in

Go To Commenting
The views expressed herein are the sole responsibility of the author and do not necessarily reflect those of this website or its editors.
Writers Guidelines
Contact EditorContact Editor
Support OpEdNews

OpEdNews depends upon can't survive without your help.

If you value this article and the work of OpEdNews, please either Donate or Purchase a premium membership.

If you've enjoyed this, sign up for our daily or weekly newsletter to get lots of great progressive content.
Daily Weekly     OpEdNews Newsletter
   (Opens new browser window)

Most Popular Articles by this Author:     (View All Most Popular Articles by this Author)

AIG subsidiary parties in style in OC, two weeks after bailout

Delta Force officer: US officials stopped plans to kill bin Laden

The missing SNL bailout skit - and the Soros connection

6 Brainwashing Techniques They're Using On You Right Now

California approves nurse-assisted suicide

Zeitgeist Addendum - Watch Now!