The Government bailout plan referred to as Emergency Economic Stabilization Act of 2008 that allocated up to $700 billion to recover troubled mortgage backed assets and to stabilize the economy in the US was rejected by the majority of voters of the House on Monday. It appears that while majority of the voters wanted the bailout plan to pass, no one wanted to risk their own job. And now who is to blame? It seems that now that it's all said and done a lot of finger pointing is going around. I won't name anybody in particular, but we all know who is it whom everyone is associating with the failure.
Now that the bailout plan has been rejected, is there is plan B that the Government will implement in this very urgent economic situation? What steps will the Government take now to avoid the major economic recession that the country is facing now? And how will that affect us, the taxpayers? At this time, there is no answer to this question, but citizens understand that an emergency measures need to be taken immediately to bring the economy in the country back to normal and to allow for the financial institutions to resume lending.
At this hard market period, with the major financial fiascos of lending giants such as Washington Mutual and Wachovia, and the biggest Dow drop in the history, the lawmakers need to step up to the plate and take charge of the situation on the Wall Street. Check out Where Will Our Economy Go?