Thursday, September 25, 2008

Financial Bailout Deal Reached

Have you heard the good news about the financial agreement reached with congress? Yep, its official. Lawmakers came to an agreement with president bush on a financial bailout for the battered wall street. But president bush only got a fraction of the $700 billion it had requested up front, with half the money subject to a congressional veto, congressional aides said. Under the plan, the Treasury secretary would get $250 billion immediately and could have an additional $100 billion if he certified it was needed. The other 350 billion could be blocked by a vote from congress if need be. Wall Street showed its pleasure cautiously. The Dow Jones industrials closed some 196 points higher, though that was down from larger gains earlier in the day. Lawmakers and the bush administration said that the deal wasn't written in stone but that they are very close to closing the deal. Whether this will help the ailing economy leads to be seen.

1 comment:

Anna Glendenning said...

Oh Mike... As a "retired" insurance agent with 20 years in the biz... the whole AIG thing has upset me completely! One thing I was always proud of was the fact that Insurance was stable and solid during the Great Depression... For years I have said it we see Insurance Fail it's time to Look up to see if it's "That Time?"

I notice you list Insurance as one of your interestests... I was a "paid" blogger for http://insurance.families.com/blog/ nearly 2-years and burned out on writing about insurance. I know they have NOT replaced me yet and might still be looking to pay an Insurance writer... I would be happy to connect you if you have any interest?

Anna