Looks like as of a few minutes ago, the House of Representatives passed the new, revised $700 Billion bailout plan 263-171. Though much better than the ridiculous plan proposed by Paulson and Bush, still I bet some people will be questioning if this will be a plan for them or just the 1% of the country that has more than $100,000 in the bank. I listened in to the hearing and I was glad to hear the house actually bashing Wall Street CEOs for their obvious mess ups (lets not forget the greedy Realtors who bumped up house prices beyond anyone's reach). I didn't get to read the entire new bill that I believe can be read at house.gov but stuff like pushing for more money into green businesses for new jobs, the hope of credit flow to small and private businesses (not just the idiots on Wall Street), tax breaks for business owners who keep jobs here, tax breaks for many homeowners, and renegotiations for homeowners in trouble seem to be what is needed. Thankfully they claimed that this will erase those CEO "golden parachutes" but we'll see about that in the coming months. The FDIC limit increase I feel is not really necessary since again, only 1% of Americans even reach the old $100,000 mark in the bank, but at least the horrible bottle-feeding, trickle down economics plans of Bush and Paulson was somewhat stopped. This maybe shows that this country is not a communist/socialist country as of yet but it sure is coming close to with the minority rich still having too much of a say over everyone else. I'll admit I got a bit of worries about this but I was about to pack my bags for Japan if the first bill passed. If McCain comes into office or if Obama blows it...I'll have to rethink that plan again.
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