Passing the Bailout

After talking with the chairman of my company I understand that the bailout bill needed to pass, so that banks would start to free up the lending. However, this bill went from 3 pages when it was introduced to 110 when the house voted it down Monday to over 400 pages by the time the final bill was passed. What the congress managed to do was add a bunch of pork and "tax breaks" for very specific companies. You know if make arrows in Oregon or Rum in the U.S. Virgin Islands, regular folk stuff. Anyway I see why we needed it to pass, because banks were not going to lend any money until the gov't did something, or decided to let it go. But to me this was clearly not what we needed. What was funny was after the Dow took a huge plunge on Monday when the initial bill was voted down, the next day it recovered. Not all the way, but more than half. The gov't keeps saying that this is better for "main street", but I seriously doubt that. The money that has been approved will go to buy mortgage back securities from troubled banks so the gov't will become the owner of the distressed properties. We won't actually get any money to help keep our house or anything. The only possible good thing that could happen for regular people is that business will be able to secure money and more people can get into the job market, because companies will create more jobs and expand their business. I don't see that happening until at least November though. One last thing if the opposite of pro is con then what is the opposite of progress...


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