Reports indicate the economic bailout plan is in disarray after the White House meeting. Prior to the meeting there were accounts of a potential deal on the horizon. President Bush held the meeting as the result of a phone conversation with Senator John McCain this week. The meeting included Senator Barack Obama and Senator John McCain as well as hill leadership. Bush administration officials are now burning the midnight oil to rework the deal. Economists say the deal needs to happen soon to prevent worsening economic problems. One economist from the Joint Centers for Political and Economic Studies says at the very least there is a jobs recession in America. CNN’s Roland Martin thinks John McCain suspended his campaign because of his low poll numbers on the economy. What say you?
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Good interview with Roland Martin! I caught his show on CNN last Sunday. Good stuff! What a great place to get some great interviews this week and weekend, the Congressional Black Caucus Weekend in D.C.!
Yesterday was a bombshell with all the dynamics that played out alone!
I am just thinking that even with the best Economist Minds in The States, even in The World, is it really logically possible that they could come up with an economic bail out plan in a matter of two days? One day? Five days? A Week? Over the weekend?
It seems even for the most brilliant minds in the world of Economics, it would take longer than that to correct what has happened here.
I heard earlier today there were so many emails from constituents and the general public to Capitol Hill trying to reach their respective Senators and Congressmen from their home states, to urge “Don’t Use Our Hard Earned Money To Fix This”, the emails shut down not one but two Hill computer servers!
The part of the plan that is a big concern for me is that #1 – we as the American People do not and will not foot this bill for the $750 Billion Bailout of these rich million and billionaires that got the country in this jam in the first place.
I heard the other day if that happens, the average American will end up footing over $3,000 each!
The other part of the plan that is a big concern to me is #2 – the American homeowners and what just happened with the home mortgage crisis. I sincerely hope they put something in that legislation that addresses that issue so that will never happen again.
Roland made some good points. I agree McCain’s move was 100% political.
The part that REALLY freaks me out about all of this is the speed in which The United States Federal Government can pull $750 BILLION DOLLARS out of their bottom drawer with the quickness to address this problem, yet we have had deplorable conditions in public schools, a poor health system and a staggering economy for years and they always say they don’t have enough money for those important issues on any given day. Amazing.
~LT