currrent eventtt 2

The most recent popular topic in our government has been the proposal for a $700 billion dollar bailout in our economy; “the most sweeping government intervention into the nation’s financial markets since the Great Depression.” Today, on September 29, the House of Representatives rejected the proposal, with a 228-205 vote, refusing to grant the Treasury Department the power to purchase this much money. Within the House, 95 Democrats and 133 Republicans opposed the bill, while 140 Democrats and 65 Republicans supported the controversial grant. House Speaker Nancy Pelosi of California delivered a “partisan” speech at the end of today’s debate, stating that the $700 billion is in need because of “the costs of the Bush administration’s failed economic policies.” House Minority Leader John Boehner of Ohio claimed that Pelosi’s speech “poisoned” the conference, and other leaders claimed that her speech “turned off” many Republicans. President George W. Bush was very disappointed in the refusal vote, but is still willing to address the economic issue right away. John McCain’s senior policy advisor Doug Holtz-Eakin issued a statement, after the bill had been rejected, that blamed Barack Obama and Pelosi. Republicans knew that had little support for the bill, but there is no reason for either party to act childish and blame one another, it doesn’t do any good. It is said that no lawmaker wants to approve a large bailout that was made necessary by the “mistakes of Wall Street financiers and the mortgage industry.” Aside from the rejection of this grant, other economic troubles arose today with news of Citigroup purchasing Wachovia Bank, and the Dow Jones Industrial average in the stock market had dropped by a significant amount of points. Although the bill was denied, if nothing is done soon to save the financial depression in our economy, the outcome is going to be a lot worse. But I don’t think taking money out of every American’s pocket is the answer; the majority of American’s cannot afford it anyways.