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The Bailout Waiting Game

The Bailout Waiting Game

For over two weeks now, our country has had to wait and see if the Bailout Bill would be passed. Congress passed the bill on Friday and President Bush signed it into action. But, the waiting game isn’t over. We now have to wait and see if the $700 billion rescue plan will work. There is not guarantee that the plan will save our country’s economy.

The economic scare came after U.S. Treasury Secretary, Henry Paulson, met with Congressional leaders last month. At this meeting, Paulson warned of the economic problems to come. While the House voted on the new bill, government advisers were outside, ready and waiting to get the money flowing.

This vote by the House was extremely crucial. After the House rejected the bill initially, the Dow plummeted 778 points. Although the Dow did drop after the House finally passed the bill, the drop was much less severe. Financial experts suspect that the Dow dropped because of the number of recent job losses.

President Bush remains optimistic and cautious about the state of our economy. He said, “While these efforts will be effective, they will also take time to implement. My administration will move as quickly as possible, but the benefits of this package will not all be felt immediately. The federal government will undertake this rescue plan at a careful and deliberate pace to ensure that your tax dollars are spend wisely.”

This is the most important thing to keep in mind. It took several months for the economy to spiral into its current state. It will take at least that long, if not longer, to help the economy recover. Take necessary steps to help your family prepare for the times to come. It is much better to be prepared than to be left stranded in the event of another financial crisis.