Call it what you will – “relief package” or “Bail out” it would have been unprecedented in US history as far as I know. The Government of the United States- the epitome of free enterprise- moving in to shell out $700 billion. To prop up the gasping economy by buying out what are now called “toxic” assets from banks. To breathe some relief to a floundering financial services industry- which seems to have strangled itself by extending credit, almost recklessly. With President Bush pushing his weight behind it, the bail out, many thought, would be a cake walk. A few hours ago comes the news that it was rejected by the House of Representatives.The stocks have crashed still further not only in the US but with repercussions the world over.
The Golden Parachute
30 Tuesday Sep 2008
Posted in A Step A Day
People at Work & Play 