A $700 billion bailout package designed to ease the nation’s worsening economic crisis cleared Congress and was signed into law Friday after the House of Representatives approved a revised version of the bill that it had rejected days earlier.
Some 32 Democrats and 26 Republicans switched positions to vote for the Senate-passed bill, pushing it through the House by 263-171. President Bush quickly signed the measure, praising Congress for rallying behind the rescue package.
“By coming together on this legislation, we have acted boldly to help prevent the crisis on Wall Street from becoming a crisis in communities across our country,” Bush said during a five-minute statement in the White House Rose Garden. Later, he walked next door to the Treasury Department, where he thanked Secretary Henry Paulson and the building’s employees for their hard work during the financial crisis.
Stock prices slid on Wall Street despite the bill’s passage as new data from around the world made it clear that the economic outlook is darkening rapidly. U.S. employers shed 159,000 jobs in September, the highest monthly number in five years, for example. The Dow Jones Industrial Average dropped another 157.47 points to close at 10,325.38. … – mh
Hidden in this version of the bill is a tax break for makers of wooden arrows for children.
Oregon Sens. Ron Wyden and Gordon Smith introduced a bill in May to fix an item in the tax code under which the excise tax on inexpensive arrows for children is greater than the selling price of the arrows. Some nine manufacturers nationwide are affected. Wyden (D) voted No on the bill. Smith (R) voted Yes. – politicocomment
This is just a way of Wall Street forcing us to pay (by taxes) for worthless investments. I agree with Ron Paul and many others: Let Wall Street eat it. Things will be difficult for a year, but then they will get better. With the bail out, we are just going down the same road again and another crash is inevitable.
PAUL: Well, I think [the bail out is] a mistake because we don’t have the money. But that doesn’t mean you have to do nothing. I mean, we could reform the system. We could return to sound money. We could balance our budget. We could change our foreign policy. We could take care of our people at home. We could lower taxes.
There’s a lot of things that we can do. But the worst thing that we can do is perpetuate the bad policies that gave us this trouble in the first place, and that is that we no longer, over the last quite a few decades, believed in free-market capitalism. Capital is supposed to come from savings. We’re supposed to work hard and save.
As a matter of fact, the Chinese work hard, right now, and they save, and they’re buying up the world. But we borrow and spend and consume, and now it’s caught up to us and it’s undermining our whole system. … So this $700 billion is not going to do it. – latimes