The U.S. House Passes Bailout
Posted on October 3, 2008
Filed Under Business, Commentary |
Here are Some Bailout Bill Details
Well as predicted here, the bailout bill has been passed by Congress. Just four days after the defeat of President Bush’s financial bailout package in Congress, the House of Representatives gave the revamped plan a new look and evidently liked what was in it.
Some of the new things added includes an extention of a program that pays rural counties hurt by federal logging cutbacks. It also continues to give tax credits for renewable energy such as hydropower, wind, solar and geothermal electricity.
This is an example of pork barrel politics. Here is a good article on it
On a side note, there is a battle brewing over Wachovia Bank and the players are Citi and Wells Fargo. I wonder how the Feds are going to work this one out behind closed doors.
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