Capitol Hill to the rescue
A massive plan to bail out the faultering U.S. financial system is being
considered by Congress again. The Senate passed the Bill last night and
must go before Congress and then to the President. Its called the Emergency
Economic Stabilization Act of 2008, here are the bill's major actions:
*Authorizes Treasury Secretary to buy $700 billion of troubled assets.
*Increases deposit insurance at banks to $250,000 from $100,000.
*Limits executive pay and "golden parachutes" at participating firms.
*Requires government agencies to modify troubled mortgages.
*Includes tax relief measures and tax credits for business.
From some interviews that were broadcasted last night, politicians on both
side of the isle claim that their constituants took a look at their 401k's come
the day after the Dow Meltdown on Monday and have had a change of heart.
They state that many more have come to realize that this problem is for real
and that something needs to be done. Thats it ! Blame the taxpayer for making
you sign this bill. After all, its not your fault, right ! Brother !