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Bail Out Plan Rejected & Bush’s Reaction

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As you all should know by now, the House of Representatives failed to pass the $700 billion bail out of the United States financial crisis. It was a wake up call for investors to practice better financial and business practices to ensure stakeholders’ finances are not at risk. To be honest, why should taxpayers pay for the failures of financial institutions? President George W. Bush seems to have an answer for that.

In a statement earlier today, the President stated that failing to pass a financial rescue plan would bring severe consequences to the U.S. economy. “Congress must act,” he declared in an appeal that both presidential candidates echoed. He also stated, “Because the government would be purchasing troubled assets and selling them once the market recovers,” he said, “it is likely that many of the assets would go up in value over time. Ultimately, we expect that much – if not all – of the tax dollars we invest will be paid back.”

How the problem is resolved, we may not know for weeks to come but politicians both Democrats and Republicans are now working together to find a solution for America’s economic state.

What do you think should there be a bail out? Any other solutions?

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