Now that the $700 billion bailout has passed…
Did you know that it was initially the “Paul Wellstone and Pete Domenici Mental Health Parity and Addiction Equity Act of 2008,” and was introducedon March 9, 2007?
The name was later updated, to the “A bill to provide authority for the Federal Government to purchase and insure certain types of troubled assets for the purposes of providing stability to and preventing disruption in the economy and financial system and protecting taxpayers, to amend the Internal Revenue Code of 1986 to provide incentives for energy production and conservation, to extend certain expiring provisions, to provide individual income tax relief, and for other purposes.”
That’s the title. Someone failed literature class, I think.
Yeah the Senate took an existing bill and gutted it and replaced the contents. A sneaky little trick because the Senate is not allowed to start bills that require spending. I expect someone to take them to court and lose on the issue.
Anyone else wondering why the stock market it tanking more if this bill that was supposed to be great and fix all the problems?