Walling the U.S. Financial Storm

What do you know, the present economic crisis in America is now being touted by many to as second merely to the Great Depression of 1929 and that’s a little scary, and could be too worrisome if left unattended. In 1929, the giant stock market crash had sent millions of Americans homeless and penniless on the streets, and had sent heavy aftershocks to all countries all over the world at that time—-that’s how ghastly it was.

That’s why the U.S. Senate is expected to finally approve a $700 Billion bail-out plan hours from now, one that is similar to that one that got rejected by the Lower House just yesterday, trying to circumvent that prior disproval by interjecting amendments to a passed bill. Desperation seems to be so steep in the White House right at this moment.

Would the U.S. Senate really approve such humongous spending? Will it be effective if at all? These are questions that remain to be seen till hours from now.

The Lower House was confronted with so many complaints from the respective constituents of its respective members, urging them so direly not to approve a bill that would cost each American taxpayer so much. In fact, the horde of emails and calls from complaining citizens had conked down the communication system in Capitol Hill.

How much is $700 Billions really? It’s far bigger than NASA’s $26 Billion annual budget and just a 100 billion dollar greater than the cost of the six-year Iraq War so far.

If I were an American taxpayer, I would not of course support the ratification of the bailout plan which I would eventually shoulder in the form of steep tax rate increases, especially one that is seen largely to rescue filthy-rich moguls who just made a mess with their investment plans, after being overly profit-hungry all these years.

The only problem is that many financial experts forewarn the worsening of this present crisis if the very expensive bailout plan would not materialize. What a dilemma, eh? I bet no one in his right mind would like to be in the shoes of Pres. George W. Bush right at this moment.

Read more on this issue from LiveScience:

“How Much is $700 Billion?”

“The Long History of the 2008 Financial Mess”