Thursday, 2 October 2008

Senate will vote to pass $700 billion bailout on Oct 1

I just cant get enough of the political situation in regards to the US$700 billion bailout by the taxpayer of the US financial sector.

The vote for the bailout failed on Monday in the lower house with a disastrous consequence for world markets and then President Bush made multiple statements [1 2] to the American people to calm the nervous and mogadon the sheep participating in the stockmarket.

Wednesday evening there will be a vote in the Senate-bizarrely after a break for a Jewish holiday- for a "modified" version of the bailout Bill. 

I am sure this version will pass after much lobbying from Republican and Democratic whips in the interim.

It is dubious as to whether the bailout will have any affect at all on the financial sector they are trying to "fix" because as we know politicians don't usually possess the insight to solve problems that they have created in the first place.

Watch here for video and audio of the deal latter on Wednesday.

c Political Animal 2008 

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