Congress Balking At Passing Administration's Bailout Package

Discussion in 'Politics' started by KenH, Sep 23, 2008.

  1. KenH

    KenH
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    [FONT=Verdana,Sans-serif]Bernanke: Approve bailout or risk recession[/FONT]
    [FONT=Verdana,Sans-serif]
    Sep 23, 3:34 PM (ET)

    By JULIE HIRSCHFELD DAVIS and JEANNINE AVERSA[/FONT]

    WASHINGTON (AP) - Federal Reserve Chairman Ben Bernanke bluntly warned reluctant lawmakers Tuesday they risk a recession with higher unemployment and increased home foreclosures unless they act on the Bush administration's $700 billion plan to bail out the financial industry.

    Despite the warning, influential lawmakers in both parties demanded changes in the White House-backed proposal, and conservative Republicans recoiled at the prospect of federal intervention into private capital markets.

    Six weeks before the elections, both major party presidential contenders also insisted on alterations in the administration's prescription for the worst financial crisis in decades.

    - rest at http://apnews.myway.com/article/20080923/D93CKBG01.html
     
  2. LadyEagle

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    They will pass something on Thursday night before the first debate and before they go off on vacation on Friday. This is not the end of the planet as we know it.
     
  3. KenH

    KenH
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    The debate this Friday night is on foreign policy and national security, not the economy.
     
  4. TomVols

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    I pray that cooler heads prevail. There was a great piece in the Knoxville News Sentinel about this today. Jimmy Duncan (R, TN 2nd) staunchly opposes this. David Moon says this, if passed, would make this the Paulson administration and would make Bush and Cheyney third most powerful in this nation at best.

    This bailout is a terrible idea. Let the markets work and the chips fall where they may.

    Was it Bapt Believer who equated this with the post 9/11 runup to the Patriot Act? Apt analogy, one that is being echoed (or is he doing the echoing) in many editorials I've read.
     
  5. TomVols

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    Our economy is tied to national security, and vice versa.

    What's the deal with these Fri debates? Put them back midweek. I'm going to be awfully tired on Fri nite.

    I have an idea. Do the debate at 3:30 Saturday afternoon. Then I won't have to watch the Vols play Auburn :laugh:
     
  6. KenH

    KenH
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    Works out well for me. The local high school team is playing out of town so I won't be selling tickets at the stadium on Friday night, so my wife and I will go to our favorite restaurant and have a nice meal, then come home and watch the pre-game, I mean pre-debate, show, then watch the game, I mean the debate, and then watch the post-game, I mean post-debate, analysis. :)
     

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