Monday, September 29, 2008

American Economic Crisis

It is the best of times... it's the worst of times for Americans and the world right now. It appears that the President has much less convincing power than most people think. So Treasury Secretary Paulson wants to pass a bill giving the government $750 billion to buy distressed mortgages from banks in order to alleviate the credit squeeze going on right now.
So after addressing the nation on the urgency of the crisis, encourages Congress to pass the bill before them. But with public support at 95-98% against bailing out Wall Street - the House of Representatives does not pass the bill. If the President had as much authority - power - persuasion as people thought (or if there was a conspiracy - you'd think this bill would've passed).

The House Vote Roll Call

As I've said before - Presidents have very limited control over the economy. And merely ride the business cycle along with the rest of us.

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