I usually don’t cover events on a national scale, but I think this pretty important. Â There’s a new survey question today as well.
From the Associated Press:
WASHINGTON – The House on Monday defeated a $700 billion emergency rescue package, ignoring urgent pleas from President Bush and bipartisan congressional leaders to quickly bail out the staggering financial industry.
Stocks plummeted on Wall Streeteven before the 228-205 vote to reject the bill was announced on the House floor.
[…] The fear in the financial markets send the Dow Jones industrials cascading down by as over 700 points at one juncture. As the vote was shown on TV, stocks plunged and investors fled to the safety of the credit markets, worrying that the financial system would keep sinking under the weight of failed mortgage debt.
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For the same reason that taxpayers should not be asked to fund projects like an unneeded and unnecessary baseball stadium in Fort Wayne, Indiana – IT MAKES ABSOLUTELY NO SENSE – It’s a “nobody wins” – “everyone (locally) loses” situation. The Federal Government has no business buying up bad loans from financial corporations, even if some not-to-bright former politicians forced them to extend questionable loans. Why should those not-to-bright politicians be forced to buy these bad loan packages?
The same can be applied to the Harrison Square failures-to-come – Isn’t there a legal way to force those that sold us the boondoggle to put their personnal financial support to these unneeded items.
And isn’t that exactly what past councilman Schmidt wanted to verify – the financial position of the Atlanta, Georgia developers BEFORE approving the project?