As we are all aware (and by all, I mean those not distracted by the Condoms ad) the House blocked a bill on Monday, halting economic rescue efforts. On Wednesday night, the Senate approved the revised version of the bill, which seems exactly like the one that was just blocked. The plan still includes buying up to $700 bazillion dollars in bad assets and mortgage backed securities that have bent the market over and made it its bitch. Except now, FDIC insurance went from $100,000 to $250,000, then a few tax breaks here and there, and more than the proposed $700 billion to cover all this. And now, pressure is placed on the Republicans in the HOuse to have it passed. As a matter of fact, the new bill has been “sweetened” or as I like to think of it, “laced with coke sugary goodness” to attract House Republicans. President Bush who has been pitching tents very happy about this bill from the beginning, said the plan has “got the best chance” when it comes to helping small business owners. So now, the House should be feeling boner-riffic great about the new bill, and is considered to pass the second time around.
$250 billion wil be available immediately to buy crappy assets, $100 billion at the president’s discretion, and $350 billion subject to congressional review. Health insurance companies will (maybe) start covering mental illness too. Considering Senator’s are more “easily influenced” by certain “occurrences” (ie blackmail, cash money booyyyyy) something still doesn’t seem right. A majority of American’s are still against the bailout so much, that the House received millions of emails — I kid you not. So why aren’t these voices being heard?