The Mortgage Bailout Bill
The Mortgage Bailout Bill finally went through the house on Oct.3 2008 as US Congress on passed the $700bn Troubled Asset Relief Program.
The vote in the House of Representatives was 263-171, and followed the rejection of an earlier version of the troubled asset relief program only four days earlier. The difference was that this time $149bn in tax breaks was added to the bill to bribe legislators into voting yes.
President George W. Bush immediately signed the legislation, and stocks fell until markets closed on the worst week for US stocks since the week after September 11, 2001. Is an economy collapse to follow the market collapse?
This mortgage bailout can’t bail America out of the awful truth that the economy has been devastated by Wall Street’s financial mistakes over an extended period - The Bureau of Labor Statistics said non-farm payrolls fell 159,000 last in September, the biggest monthly fall since March 2003.
Barney Frank, chairman of the House financial services committee, noted, “We will be back next year to do some serious surgery to the financial structure.” All TARP can do is ensure that there is a patient waiting for treatment and not a corpse.
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