After almost two weeks of debate, the Fed’s plan to bailout the Nation’s financial system was signed into law by President Bush on Friday afternoon.
Gee, I feel better already! How about you? Now doubt the economy is in need of fixin’, but what have WE really done?
For the past two weeks, lending between banks and between banks and businesses has gotten considerably more expensive. Small businesses are having trouble getting loans. Proponents say the plan is crucial to government efforts to attack a credit crisis that threatens the economy and would free up banks to lend more. Opponents say it rewards bad decisions by Wall Street, puts taxpayers at risk and fails to address the real economic problems facing Americans.
Our leaders who supported the plan claim that it will help Main Street, not Wall Street. I wonder.
Although the bailout plan has been signed into law, there are still many unanswered questions as to how some key provisions will work. I have to ask what’s the bottom line? Who and how are real people going to be helped by this. Yeah, I understand the need to stimulate business and secure more jobs for regular people, but where is the money going to go and who’s going to decide who gets it? How about folks losing their homes NOW? When and how will they be helped? As a Realtor dancing around these questions on a daily basis, I sure hope someone has a plan for the PLAN.
One thing’s for sure, we’re not out of the woods yet. Somehow, I think the middle class is once again going to get the short end of the stick.