September 29-2008:
WORD-UP:
The 700 Billion Rescue Package Vote Failed Today!
The 700 Billion dollar rescue plan proposed by president George W. Bush, and fine tuned by some Republican and Democrats in the House Of Congress, did not pass the vote today.
A few Republican hard core members there did not vote for the amended Rescue Proposals. The votes were (205 Yeas-Dems) to (228 Nays-Reps), against the final proposals for this bailout.
So we are back to square one, and the haggling continues in the Congress.
So we are back to square one, and the haggling continues in the Congress.
How much longer this will take, is anyone's guess. In the meantime, the economy is sinking deeper and deeper into uncertainty economically!
Derryck.
NY.
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NY.
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The Computer Age Requires A Different Approach To The Free Market System!
Prior to the genesis of the Internet and world wide web, money and financial transactions were done in a very complicated and cumbersome manner. It took some time to transfer or wire large amounts of money, do financial transactions, and conduct business internationally.
Today the Internet has eradicated the length of time most of the above business took, and most large investment banks could influence the flow of money, economic growth, and national wealth, of most states or regions, by the way this wealth is transpired, transacted, and conducted via the Internet.
Thus making it easier to create a climate of dread or doom in the financial markets worldwide, whenever irresponsible and greedy investors, get carried away in speculative investments. So with this new reality, implies that new and imperative reasons to change, or inhibit this wanton and reckless business system.
To ensure that regulations are put in place to protect business, banks, home owners, pensioners, and ordinary folks, from being cajoled, conned, or swindled of their monies by unscrupulous brokers, and loan sharks.
Changing what has been done for decades would not be easy, because millions have gained financially from this hands off, and free for all current system. The Hard Core Conservatives in the US House and Senate would not welcome any move to curtail their supporter's abilities to make large amounts of profits, earn large salaries, and retire with windfall pensions, without some effort to stagnate or prevent any severe curtailments to this accustomed practice.
But changes MUST be made, regulations put in place, impartial overseers appointed to supervise these agencies or companies business practices, if we are to prevent another crisis like this one once more.
Derryck.
NYC.
NYC.
1 comment:
October 03-2008:
WORD-UP:
The US Congress Has Approved The 700 Billion Rescue Initiative Today!
The US Congress voted today (Dems 263-Reps 171) in favor of the 700 Billion Dollar rescue initiative.
This augers in the first stage in a lengthy process, to ensure some financial liquidity in the national economy, and provide some much needed dollars and security, for loans that banks are expected to provide to small businesses, and other financial transactions.
We will have to monitor how the Feds will monitor this rescue package as time goes by!
Derryck.
NYC.
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