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Finicail Crisis

The collapse of major finacail institutions and the goverment buy outs have been the major topic of the last 2 weeks. I woul dlike to specifically talk about the 7oo billion dollar bailout plan and Friday meetings that involved the presidentail canadates. After reading articles in the Wall Street Journal and San Jose Merucury News, as well as watching CNN,MSNBC and FOXNEWS I was interested in the politics involved in what was suppose to be a bi-partisan meeting.
Initailly, the Bush Administration proposed a 3 page planned bailout of the morgage crisis. It recieved a lot of push-back on some core principals, that both presidentail canadates in a joint statment agreed upon, and was revised. The Senate Republicans, Democrates and House Democrats who worked on the revision were in favor of the new plan. House Republicans, more specifically the Conservative base, did not agree with the complete revision.

In steps the Presidentail canadit John McCain. He met with the Conservative base and shortly after the revised plan did not get approved. McCain later, at a meeting with President Bush, his advisors and Senator Obama, defended the Conservatives right to disapprove the plan. Subsiquently, lawmakers are still in negotiations for passing another bailout plan.

I commend the Republicans for standing by their values but have issue with their overall lack of substance. They submitted a plan of their own, one page in length, which offered supporting insurance for the flailing finacial institution. As a result of these politics the bailout has not occured, the stock market is in a frenzy and millions of Americans are very worried about their financial future.