Senate to vote on financial rescue plan today | The Frugalista

Senate to vote on financial rescue plan today

by frugalista on October 1, 2008

Are you all following our nation’s financial mess? It’s surreal to me. Today, the Senate is going to vote on the $700 billion bank bailout. The House gave the bill the boot on Monday.

From a CNN article:

The bill, if approved, would allow the federal government to buy troubled mortgage-related investments from financial institutions, freeing them up for lending in a bid to pull the economy out of its credit freeze.

Proponents of the bill believe it would prevent the United States from sliding into a serious financial crisis, but opponents saw it as an unbearable burden to taxpayers and a rescue for Wall Street.

Do you think the Senate should rescue the banks? Can The Frugalista get a bailout plan? I smell a tax raise.

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