A couple of days ago, the U.S. Congress sent the bail out of Wall Street and the financial industry down in flames. Today, the U. S. Senate will take up the issue.
Senate leaders scheduled a vote today on a $700 billion financial bailout package after agreeing to add tax breaks and a higher limit for insured bank deposits in a bid to attract enough votes to reverse a shocking defeat in the House and send legislation to President Bush by the end of the week.
- Minneapolis-St. Paul Star-Tribune
So what is the plan?
Well, not much is really known. We do know it will raise government (FDIC) coverage for bank deposits from the current $100,000 to $250,000. We also know that both Obama and McCain are heading back to Washington to vote on the new bill. Other then that, Senate Leaders are not revealing the details of the bill.
Perhaps, it is my skepticism, but I do not want to support a bill that I don't know anything about. Does the Democratic leadership think this will keep people from calling them in opposition to the bill, so they can sneak it through? If so, and I hope not, then it shows how crooked they are. It would show, why this bill will be detrimental to the American public.
We need to solve the the problem, but the public MUST be informed. We cannot have something shoved down our throats.
As, I said a few days ago, any legislation should provide some protection to those people who were taken advantage of by predatory lenders and loan products. I agree, these people have to take some blame for even seeking loans when they knew they couldn't afford it, but it is even worse for these financial institutions that knew they were loaning to such credit risks but gave out sub-prime loans anyway. As such, any legislation should also ban such sub-prime loans as ARM's and predatory lenders as bad as Payday loan shops. Or at least severally regulate these predatory lenders and loan projects.
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go ahead share your thoughts with me now.
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