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The Bailout Plan: 2 rounds done, one to go

Fri, Oct 3 2008, 10:46 GMT
by Marina Schiaffino

FXstreet.com


USThe US House has approved Bush’s $ 700 Billion Bailout Plan to save the US financial market in the second attempt after some modifications, including tax cuts, were introduced to it, in a improvised reaction to revive it after it was rejected on Monday.

The plan has been approved by 263 votes to 171, with Democrat representatives voting massively for it while iin the republican side the “Nay” won over the “Yea” by a narrow margin.

The Plan, mainly consisting in a $700 billion bailout to buy toxic mortgage-related securities from failing financial institutions has arisen quite a deal of controversy among citizens as well as among congressmen who were not convinced by the idea of paying wall-street risk-takers wrongdoing with taxpayers money.


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