Congress has failed to pass the economic bail-out/recovery bill, 227-206, and has moved on to other business for the day. What happens now?
Friday it was Washington Mutual. Today, Wachovia. And now, banks around the world are having issues. Tomorrow, who knows which financial shoe drops? All because people got greedy and lobbyists won out to deregulate our markets and convinced our representatives that the likes of Bear Stearns and AIG could be trusted to regulate themselves.
I don’t want to be the Chicken Little in the crowd, but the $700 billion dollar question is this — what does it take for our government to work together to make sure taxpayers are going to be OK?
“Toxic paper,” indeed. Now, I’m going to hide under my bed.