I'm glad the bailout was voted down. I really am. Let the bastards that made the mess, wallow in the mess.
Unfortunately, as always, the Bush administration quitely allowed the Federal Reserve to give $630 billion dollars for use in the global banking market. So, what the hell was the purpose of the $700 billion bail out, I wonder? Hmmmmm (scratching head -- didn't they just bail out AIG to the tune of $85 billion?). Much ado about nothing, would be my guess. Not that the financial crisis is made up, just that it should be handled by those that got the markets into trouble, and not bailed out by the American taxpayers. Even though the Federal Reserve is more privately contributed to by the banking industry and managed by the government, there is still a cyclic relationship in this failure of the banking institutions and the bailouts by the Federal Reserve, i.e., banking institutions.
So, if Bush was already going to put in the $630 billlion AND request the $700 billion -- you can do the math. None of this money is or will get the money crises over the hurdle. We, the people, are just going to have to brace ourselves for the first depression of the 21st century.
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