The House of Representatives passed the 700 billion dollar bailout bill on Friday. 263 House members voted in favor of the plan and 171 voted against it. President George W. Bush quickly signed the bill into law saying "By coming together on this legislation, we have acted boldly to prevent the crisis on Wall Street from becoming a crisis in communities across our country,"
The plan was approved by Senate earlier this week on Wednesday; it was rejected earlier on Monday by the House of Representatives mainly due to voters criticizing it.
The Bush Administration and the majority of politicians had said that the bill passing was inevitable to avoid the country from going into recession as businesses cannot function without the ability to borrow money.
The plan rejected by the House earlier on Monday, due to Republican leadership, was upgraded to better bank monitoring, raising the federal deposit insurance from 100 thousand to 250 thousand dollars and limiting bonuses for large bank CEOs. Thanks to these modifications, the plan was passed by the House and quickly signed into law by President Bush.
The European Union has praised the decision of passing the bill announcing that this should help to regain American trustworthiness on the world financial markets.
Although the biggest part of this mess was caused by Democratic controlled organizations like Fannie Mae and Freddie Mac and questionable policies going back to the Clinton era... and some perhaps even further, plus the positive changes to the final bailout bill were made because of the leadership of House Republicans, the Democratic Leadership like Nancy Pelosi were quick to be photographed after the bills was signed as the heroes of the day. Some things really never change.
Hopefully the voters will do their homework and remember on election day that although many had some fault in this meltdown, it really was was engineered by the Democrats and their greed and faulty leadership, not the Republicans, even though the final failure happened on George Bush's watch. And hopefully they will remember which candidate, really put his Country and its welfare first... before private gain and campaigning.
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