Emergency Economic Stabilization Act

It failed.

You know alot of people have said what a bad deal this is for taxpayers. We shouldn't bail out these companies $700 billion is alot of money to spend. It is a lot of money and tax payers shouldn't flip the bill. That's why there was pay back provsions in the bill. The EESA was never meant to turn the economy around. This package was a measure to stop the falling economy. To turn the economy around we have a stimulus package...this was about stopping us from falling off the edge of the mountain.

The economy is falling, bank after bank is closing because they bought securitized mortgages, and these assets are not worth much now. When the value of these products drops then there is no way for these banks to loan money to people for school, homes, or for small business loans like paying their employees. Bank of America will no longer issue lines of credit to McDonalds Franchisee's so if a McDonalds needs money to buy supplies or pay their employees they can't. If you are a small business and you need capital equipment to be competitive that money is gone. If you are going to school and you need a loan the lenders are going to be tougher and either cut the amount you can get or deny you completely.

I hope that this doesn't impact to hard on people and businesses. i hope that a crisis doesnt occur. I hope that the economy provies us wrong and the crisis doesnt occur.