Current Event #3: Bailout Bill Officially Passed

President Bush signed the most historically extensive intervention (since the Great Depression) as of Friday, October 03, 2008. A similar bill was proposed to the House on Monday, September 29, but was rejected, causing the stock market to plummet; but as of Friday, the House finally voted in favor of the bailout bill (263 votes to 171) and the economy will be expecting a well-deserved, stabilizing boost. Treasury Security Henry Paulson said that the will would help to “protect and recapitalize our financial system,” also promising he would start carrying out the plan quickly.

For those that had voted “no” at the first bailout bill received some encouragement from a well-known politician. Democratic Representatives Elijah Cummings and Donna Edwards of Maryland claimed that presidential candidate, Barack Obama, had called Cummings and Edwards to encourage for support of the bankruptcy provision. Obama gave them a sort of security that he too was committed to fixing this economic failure. Some voters may find this a plus point because Barack Obama didn’t have to suspend his presidential campaign (like Republican nominee John McCain had) to show his determination to help save the country from a meltdown (while stilling having the time to debate and call up representatives to tell them to vote for the bill). On the other hand, some may feel Obama is only acting to win more support. Whatever the reaction is, American’s are sure to share their feelings.

John McCain took some heat after the bill was rejected on Monday. However, now some articles are saying that McCain is being viewed as the true defender: temporarily suspending his campaign to put the nation first and insisting the bill be passed and the economy revamped. What happens now to the rescue plan and the nation’s economy, Americans will just have to see (which candidate was/is most competent).