The Economic Crisis

[bah]

In fact, some of the most basic details, including the $700 billion figure Treasury would use to buy up bad debt, are fuzzy.

"It's not based on any particular data point," a Treasury spokeswoman told Forbes.com Tuesday. "We just wanted to choose a really large number."

http://www.forbes.com/home/2008/09/23/b ... ilout.html

That's not too comforting.

Discuss.

[SiegeLord]

Looks like it's not going to pass after all: Article I know Repubs are probably right that this isn't the right solution, but I think it might just demonize them in the eyes of the public...

[Skystrider]

I think that Obama's insistence on keeping the debate tonight has been rather telling. As a Senator, he has an opportunity to enact change right now. However, he prefers to go into a debate and talk about the changes that he would make if he were given even more power. But if he will not create change now, will he create change when he becomes President? According to a collection of ancient Jewish wisdom (cough) "He who is faithful in little is also faithful in much."

[dudeincolorado]

<--happly oblivious

[rocketman1555]

i'm with dude, but from the little i've heard our economy is going downhill fast

[Mr. Cool]

they're never going to get to a final decision. They are still arguing about it.

[rocketman1555]

they need to let the leader of the fed do his job, they're making this a little to hard

[gh]

The problem is that we're expecting the people who know least (OK, maybe not least) about the economic problem to solve it. After all, they are the only people with the money and power to do it. Sure, the legislators have aides and advisors, but even they are not the ones who are truly involved in the problems on Wall Street. Their decisions on the bill, whatever they may be, will be only marginally more informed than, say, my decision would be.

Not that I would be a Congressman or anything.

[aphoticruby]

I think that Obama's insistence on keeping the debate tonight has been rather telling. As a Senator, he has an opportunity to enact change right now. However, he prefers to go into a debate and talk about the changes that he would make if he were given even more power. But if he will not create change now, will he create change when he becomes President? According to a collection of ancient Jewish wisdom (cough) "He who is faithful in little is also faithful in much."

As Obama mentioned the president has to be able to multitask. Him hanging out in Washington would not have made progress happen any faster. Instead, he recognized that it was important to get information out to the American people. Remember, we live in a day and age where you can get anywhere in the US in a couple of hours. He was talking with the rest of congress in the morning and then took a plane. This isn't that hard of a concept.

[bah]

The House of Representatives refuses to pass the bill.

The Dow Jones Industrial Average drops 777.68 points, the biggest absolute drop ever.