Text of bank bailout bill
Text of bank bailout bill
The initial bailout plan of the US economy was rejected by the senators’ by margin of 13 votes. The senators took a bold stand against the bailout plea in spite of tremendous pressure from economic and social circles. They regarded it to be a burden for the government and rejected the massive bailout plan which is close to 700billion dollars. The entire concept of the bailout plan is strange since the taxpayers are supposed to foot the bill of 700 billion dollars. They are expected to bailout the major corporate houses, who have ruled markets for years at a stretch. The bailout plan will be unjust because the rich corporate houses are supposed to be rescued from bankruptcy by the middle class tax payers who have difficulty in making ends meet. The obvious inflationary trends of the US economy have already dug a hole in the pocket of the ordinary tax-payer. Moreover, this bill will cause more problems for the ordinary taxpayer just because they are already bearing the brunt of heavy price rise and job thrust. The economic slowdown of the US has resulted in major job cuts across the US. The new bill proposes that the basic taxpayers have to pay off the massive 700 billion dollar deficit. Now, they have to buy investments which have already created a lot of turbulence in the Wall Street already. It is, undoubtedly, true that the bill is going to put enormous pressure on the middle class, but if this bill is successfully implemented then the banks and other financial organizations will bounce back and the markets will recover too. The recovery of the markets will mean that the investment inflow in the form of cash and other assets will increase with time. This will be good for times to come and is undoubtedly a long term benefit though the tax payers have to bear the initial brunt of he economic crisis. Several amendments to the bill can be expected before it is expected to be fully implemented so that the inequalities are removed and order is maintained for a progressive policy towards economic bailout. The questions have already arisen with regard to equality, responsibilities of the government and constitutional norms. The guidelines laid down have to abide by these principles, so that the people of the country are relieved from the tax burden. Some legislators have already proposed an additional special spending which they have termed additional special interest spending. This plan adds around a hundred billion dollars in addition to the already existing 700 billion dollar bailout budget. It is quite unlikely that such a special interest expenditure bill would be passed by the American Congress. Only time will tell how things work out.
