I was totally shocked that the $700 Billion bailout plan proposed by President Bush was shot down today. If history serves me right, we all learned how important the stability of financial institutions are to our economy during the Great Depression. So I really believed the bailout was a good idea, although I was ticked off that the American taxpayer was paying for it. Besides, the American taxpayer fared pretty well from the bailout package following the S & L scandals of the late 80’s and the Chrysler bailout before that.
I think most taxpayers were ticked off, and that’s why the bill didn’t pass aside from party politics. My theory is that Congress believed the bailout was needed but they delivered what the people wanted. We’ll have to see whether or not it’s good for us or not. It’s definitely gonna tighten credit markets even more which is not gonna help the real estate market or small businesses one bit.
So how did the representatives for Central Florida vote? Only Corrine Brown voted yes on the bill and Ginny Brown, John Mica, Ric Keller, Cliff Stearns, Dave Weldon, and Tom Feeney all voted no.
We got what we wanted, but I am a little concerned from here on out.