Current Event- Post 2

• The Senate easily passed the new and improved bailout plan. This is the same plan that the House failed this last Monday evening, with the addition of $108 billion tax break for businesses and families and an increase in federal insurance from $100,000 to $250,000 for bank deposits, of course. The bill was passed by a 74-25 vote for the bill on the night of the first of October. But the House vote coming up on the third will be the true test of the bill’s real connection with the public. President Bush has already warned the House of Representatives of the possible economic downturn that could result from a second failure of the bill, thus pressuring them to pass the bill successfully.
• This bill seems like a temporary halt for the continuously falling economy, and I believe it’s better than nothing. It does give the government incredible power in reviving the housing market, but in doing so it helps deter the coming of another real depression. However, this should only be counted as the beginning to a solution and not a fully-realized success, as the government needs to work during the temporary stabilization to try and find a real solution that would help get us out of this mucky situation. But for now let’s just hope the bill passes in the House of Representatives.