The Bailout Bill

Hard to keep up with all of the news that’s been happening in finance and economics of recent.  This is the kind of stuff that will be written and talked about for years to come.  Just wanted to talk briefly about the upcoming bill that is going to be passed by President Bush and Congress to relieve some pressure from a hard-pressed American economy.

One of the fishy things about the bill that stuck out to me was this excerpt from an artice written on FloridaRealtors.org, “Differences remained with the administration on Democrats’ proposal that the government take an ownership stake in the troubled companies it bails out so that taxpayers could benefit from future profits.”  The government taking an ownership stake in troubled companies is not the type of long-term solution that I think will help resolve our current financial crunch.

The bill has certainly not been accepted by everyone in politics.  Sen. Richard C. Shelby of Alabama, the top Banking Committee Republican, had some pretty passionate statements about the direction of the bill, “In my judgment, it would be foolish to waste massive sums of taxpayer funds testing an idea that has been hastily crafted and may actually cause the government to revert to an inadequate strategy of ad hoc bailouts,” Shelby said.

With estimates in around $700 Billion in taxpayer dollars, hopefully this bill will be appropriately applied to serve its purpose in helping restore confidence in the American economy…

Looking forward to comments or questions!