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Bailout Bill | Bank REO Real Estate
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Taking issue with George Soros’ support of the bailout bill

October 3, 2008 by · Leave a Comment
Filed under: Opinion 

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This is post is in response to the interview with George Soros on National Public Radio (NPR) this morning on support of the now passed bailout bill. In his interview he mentions the real problem and the solution hurts the people who actually do the right thing to move up the ladder in America. He even states that the bailout won’t fix the underlying problem which is the real estate market, employment and in my opinion middle class jobs in specific and the lack of savings in his assertion that the credit markets are in chaos. What this highlights is that we are dependent on credit in our country with an average negative savings rate and a trade imbalance that is not in favor of the U.S. which in short means we do not export enough compared to what we import and consume.

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Economic Stabilization Act of 2008 (Bank Bailout Bill) – FAILS to Pass

September 29, 2008 by · 1 Comment
Filed under: Economic News 

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I have been watching this live and this is very interesting times. The bill did not get a simple majority and lost by 22 votes and now we are seeing what Martial Law means. It was enacted Sunday night and now there is a motion to pass it by another vote which I fear is private based on party to shield them from political fallout out. I only saw 5 votes against suspending the rules of the house which is what can happen under Martial Law. With only 5 votes in the “nay” column, we can safely assume everyone except the most outspoken opponents voted for it so I know what I will be doing with my vote when it comes to re-election very very soon. The markets were down 700 points at one point and it could go lower. I will be covering this as it unfolds.

Bloomberg Release:

U.S. stocks plunged and the Standard & Poor’s 500 Index tumbled the most since 1987 after the House of Representatives voted down a $700 billion plan to rescue the financial system.

Sovereign Bancorp Inc. tumbled 66 percent and National City Corp. slid 52 percent, leading financial shares in the S&P 500 to an 11 percent slide. The MSCI World Index of 23 developed markets sank 6 percent, the most since its creation in 1970.

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