Sep 30th, 2008
Not-so-lucky 7′s
Well, so much for that whole bailout plan. The House soundly rejected the Paulson plan yesterday, despite assurances (and a nationwide address) from President Bush and (the former from) John McCain that the Republican members of Congress were on-board to pass the $700-billion plan.
The final votes came in at 205 to 228, with the Republicans voting 65 for and 133 against, and Democrats voting 140 for and 95 against.
The financial crisis is complicated, and was made more complicated yesterday as news of the votes trickled in. World Markets fell and the Dow Jones plummeted a record 777 points in a single day, which is about 90 points more than first post-9/11 trading day.
The market showed some sign of recovery today, as the sentence in the “pass it on” game of telephone from Washington to Wall Street seems to have something to do with a bailout revival. (Or perhaps it’s about purple monkey dishwasher – that game never gets easier.)
What will happen with the bailout plan is still up in the air. The one bright spot we’ve seen on this end is that your creativity isn’t stifled even in what many have been calling The Worst Financial Crisis Since The Great Depression.
And to that end, the Fantasy T-Shirt Wearer this week is President Bush. With so much on everyone’s minds, you can pick whatever shirt you feel appropriate to afford him – hey, it’s a free country.
Love the shirt. Some interesting humor for a day that was not funny at all.
I think they should take 350 billion to pay off 50% of all housing loans… so the banks AND the homeowners should flourish on that…then take the remaining 350 and give any person who has held a steady job for at least 2 years the opportunity to buy any house for 50% off, and pay the other 50% to the banks…what a wonderful and painless way to spend 7 billion!! And look at all the happy homeowners! Then if there is a paltry billion or so left over just go ahead and pay off student loans. WALLA! happy happy banks, happy happy students, and the world is saved!
Love it! “Dude, Where’s my bailout”
I think we’ve all been thinking that over the past week.