Bible Money Matters

Christian personal finance

Menu
    • About
    • Archives
    • Contact
    • Close
  • Making Money
      • Popular Articles

        • 50 Ways To Make Money: Maximizing, Creating And Increasing Your Income
        • 10 Weird And Unconventional Ways To Make Money
        • Making Money With A Blog (e-Book)
        • 10 Places To Sell Or Trade Your Unused (Or Broken) Electronics
        • Ways To Make Extra Money Series: 20 More Income Generating Ideas From Our Readers
        • Making Side Income Can Help Blunt The Impact Of Becoming A One Income Family
        • Earn Cash Back With Discover it® Credit Card
      • Recent Articles – Making Money

        • Best Sites Like Fiverr To Make Money As A Freelancer
        • 13 Of The Best Independent Contractor Jobs
        • 25 Of The Best Gig Economy Jobs
        • How To Make Money Blogging: Turn A Blog Into A Business
      • Categories

        • Making Money
        • Investing
        • Retirement
        • Jobs & Work LIfe
        • Money
        • Income
    • Close
  • Saving Money
      • Popular Articles

        • 50 Easy Ways To Save Money Every Month
        • 10 Weird And Unconventional Ways To Save Money
        • 10 Practical Ways To Save Money And Increase Your Net Worth
        • How To Save Money On Just About All Of Your Regular Monthly Bills
        • Ways To Watch TV Without Paying An Arm And A Leg For Cable TV
        • Save Money On Your Hospital Bill - Just By Asking
      • Recent Articles – Saving Money

        • How To Save $100k In 7 Practical Steps
        • Stairs App Review: Save And Invest To Earn 4-6% Interest
        • Honey Review: Save Money Automatically When You Shop Online
        • 9 Convincing Reasons Why You Need An Emergency Fund
      • Categories

        • Saving Money
        • Frugality
        • Planning
        • Finance
        • Saving For Retirement
        • Savings Accounts
    • Close
  • Banking
      • Best Rates For 2019

        • Best Credit Cards
        • Best Savings Accounts
        • Best Mortgage Rates
        • Best CD Rates
        • Best Brokerages
        • Free Credit Scores
      • Recent Reviews

        • TradeStation Review: Commission Free Stock And ETF Trades
        • Firstrade Review: Commission Free Trades on Stocks, Crypto, And Options
        • Cadre Real Estate Investing Review: Commercial Real Estate Investing
        • Axos Self Directed Trading Review: Invest, Trade Stocks For Free
      • Categories

        • Bank & Software Reviews
        • Investing
        • Credit
        • Banking
        • Mortgage
        • Insurance
        • Family Budget
    • Close
  • Recommended
  • Video
    • Close

I Guess I Spoke Too Soon!? No Deal on $700 Billion Bailout.. Yet.

By Peter Anderson 4 Comments - The content of this website often contains affiliate links and I may be compensated if you buy through those links (at no cost to you!). Learn more about how we make money. Last edited November 17, 2017.

Share
Pin
Tweet
Share
0 Shares

Yesterday I posted the news that we had all been waiting to hear. Congress had finally come to an agreement and had settled on a bailout deal to help jump-start our faltering markets.

The price tag? A mere $700 billion dollars.

At the announcement of proposed deal the Dow Jones industrials enjoyed a 196-point gain to close the day.

And then news started trickling out last night that the deal – was certainly no deal at all… yet.  From the AP

Sen. Richard Shelby, of Alabama, the top Republican on the Senate Banking Committee, emerged from the session to say the announced agreement “is obviously no agreement.”

House Republicans have been balking at the proposed deal. The deal, they say, is too expensive and it places too much of the weight of the bailout on the taxpayer’s shoulders.

One group of House GOP lawmakers circulated an alternative that would put much less focus on a government takeover of failing institutions’ sour assets. This proposal would have the government provide insurance to companies that agree to hold frozen assets rather than have the U.S. purchase the assets.

Rep Eric Cantor, R-Va., said the idea would be to remove the burden of the bailout from taxpayers and place it, over time, on Wall Street. The price tag of the administration’s plan to bail out tottering financial institutions — and the federal intrusion into private business matters — have been major sticking points for many Republican lawmakers.

When looking at the price tag for the bailout, it does make one wonder why other options haven’t been explored. Why is it automatically assumed that we the taxpayers MUST foot the bill? And is this huge $700 billion bailout really all necessary?  Would we be able to give things a helping hand with say – half that amount?

What IS agreed upon is that we have some serious problems right now, and something needs to be done.

There is wide agreement the U.S. economy is in peril, with financial institutions going under or near the edge and recession looming along with the resulting layoffs and increased home foreclosures.

“All of us around the table … know we’ve got to get something done as quickly as possible,” Bush told reporters, brought in for only the start of the meeting. Obama and McCain were at distant ends of the oval table, not even in each other’s sight lines. Bush, playing host in the middle, was flanked by Congress’ two Democratic leaders, House Speaker Nancy Pelosi and Senate Majority Leader Harry Reid.

McCain and Obama later said they both still expected an agreement could be reached.

Under the accord announced hours earlier among key lawmakers, the Treasury secretary would get $250 billion immediately and could have an additional $100 billion if he certified it was needed, an approach designed to give lawmakers a stronger hand in controlling the unprecedented rescue. The government would take equity in companies helped by the bailout and put rules in place to limit excessive compensation of their executives, according to a draft of the outline obtained by the Associated Press.

What form would you like to see any proposed bailout take? A $700 billion taxpayer financed bailout where the government takes over troubled assets, or something more along the lines of the government providing insurance to those companies willing to hold onto the assets?

Related Posts

  • House Passes $700 Billion Bailout Bill

      After going down to defeat earlier in the week in the House, the second version of the bailout bill was passed today without a…

  • Personal Finance Bible Verse of the Day: Deal Generously

    It is well with the man who deals generously and lends, who conducts his affairs with justice. Psalm 112:5 This verse talks about how those…

  • House Defeats $700B Financial Markets Bailout

    I was eating my lunch this afternoon when I saw something that surprised me. The $700 billion bailout package moving through congress was defeated by…

Share
Pin
Tweet
Share
0 Shares
Last Edited: 17th November 2017 The content of biblemoneymatters.com is for general information purposes only and does not constitute professional advice. Visitors to biblemoneymatters.com should not act upon the content or information without first seeking appropriate professional advice. In accordance with the latest FTC guidelines, we declare that we have a financial relationship with every company mentioned on this site.

This article is about: Credit, Economy, Get Out of Debt, Mortgage, News

About Peter Anderson

Peter Anderson is a Christian, husband to his beautiful wife Maria, and father to his 2 children. He loves reading and writing about personal finance, and also enjoys a good board game every now and again. You can find out more about him on the about page. Don't forget to say hi on Pinterest, Twitter or Facebook!

Comments

    Share Your Thoughts: Cancel reply

  1. The Happy Rock says

    I was glued to the TV last night, I found it great to see the political machine working well IMO.

    Here is my take :

    Bush/Paulson were pushing a really crappy plan were it seemed the Fed gets a free check to bailout out whatever companies they deemed worthy and companies got free money and didn’t have to take responsibility. The tax payers got a huge tax liability with which they will buy overpriced junky assets.

    Democratics and some republicans agreed with GW in principle, but changed a crappy bill to make it less crappy but putting some more oversight giving smaller blanks checks to the fed so they could periodically check in and then taking profits from the company and giving it back to tax payers and limiting executive pay. Tax payers are still left in similar boats.

    The house republicans are looking for a plan that doesn’t make taxpayers pay for the mistakes of huge financial companies. They are saying that 99-1 calls to their office are saying no bailout, they want to get reelected in Nov, so they are listening. That is how the system is designed!! People should have power.

    I would like to see a solution that puts more responsibility on the people involved and less on the innocent bi-standards. I would like to see a plan that encourages the private sector invest and one that allows the housing market to correct to a level that Americans can really afford. That includes each of us taking responsibility for not ‘needing’ a 3000 square foot home that we can’t afford. I want the Fed to have less power and I don’t want them printing money to devalue the dollar any further.

    From this point, I hope that we get a small plan that holds things over and takes into account more market based solutions rather than socialized solutions and then they will figure the rest out later.

    Reply
    • Peter says

      Well said. I am leaning towards something that puts more responsibility on these companies, and not on the taxpayers. I definitely don’t like the $700 billion bailout, and I don’t want the treasury to have free rein to do what they want without oversight – that is key.

      Reply
      • The Happy Rock says

        I think the Fed’s power and tinkering is part of the problem that caused this mess. We as people(consumers and business) have the energy, determination, brains, and motivation to figure out solutions. Government should be enabling people and solutions not taking control, printing money, wildly changing markets and interest rates, spending much more than they have, etc.

        Reply
  2. Curt says

    The entire Paulson bailout plan is a bad idea and I hope it never passes. We should let some of these organziations fail and talk to the leading economics in the nation about alternative plans. It the stock market is going to tank, the best thing just may be to let it go and begin rebuilding the economy – rather then slowly bleeding for the next decade.

    Curts last blog post..McCain Tried the Reform Freddie and Fannie In 2006

    Reply
Previous Post: The Markets Are Crashing Due To The Sub Prime Lending Mess
Next Post: Our Cruise Was the Trip of a Lifetime! (Photos Included!) Part 1
Discover Investment Platforms

Popular Posts

  • 21 Easy Ways To Earn Free Amazon Gift Cards
  • 10 Best Free Tax Filing Services And Software Online
  • 21 Apps That Pay You Real Money Fast
  • 17 TV Apps And Live TV Streaming Services To Watch TV Free
  • 30 Legit Online Jobs That Pay Well
  • 37 Easy Ways To Get Free Gift Cards
  • How To Get Free Stock
  • 40 Easy Ways To Get Free Money Fast
  • 21 Places To Read Free Books Online
  • 24 Legit Online Jobs
  • 17 Best Work From Home Jobs: A List Of Legit Online Jobs That Pay Well

Recent Posts

  • How To Save $100k In 7 Practical Steps
  • How to Save Money When Remodeling A Home
  • How To Hire A Contractor For Your Remodeling Project
  • Remembering 9/11 Years Later: Where Were You On That Fateful Day?
  • TradeStation Review: Commission Free Stock And ETF Trades
  • Firstrade Review: Commission Free Trades on Stocks, Crypto, And Options
  • Cadre Real Estate Investing Review: Commercial Real Estate Investing
  • Best Sites Like Fiverr To Make Money As A Freelancer
  • Axos Self Directed Trading Review: Invest, Trade Stocks For Free
  • 30 Quotes About Easter And Resurrection: He Is Risen!

Disclaimer

The information contained in BibleMoneyMatters.com is for general information or entertainment purposes only and does not constitute professional financial advice. Please contact an independent financial professional for advice regarding your specific situation.

In accordance with FTC guidelines, we state that we have a financial relationship with some of the companies mentioned in this website. This may include receiving access to free products and services for product and service reviews and giveaways.

Any references to third party products, rates, or websites are subject to change without notice. We do our best to maintain current information, but due to the rapidly changing environment, some information may have changed since it was published. Please do the appropriate research before participating in any third party offers.

Amazon and the Amazon logo are trademarks of Amazon.com, Inc. or its affiliates.

We respect your privacy: Privacy Policy.

Thanks for visiting!

Bible Money Matters - Seen On These Sites and more..
Bible Money Matters is a personal finance, entrepreneurship and investing community. Give more, save more and live more.

Copyright © 2023 · Bible Money Matters | Sitemap | Advertise | Privacy Policy