Finally! Today the $700 billion bailout bill was signed into law by President Bush today. The bill is aimed at freeing up even more money to be lent out by helping rescue many financial institutions from bad loans they made during the rampant sub-prime boom. After a week of tension and revisions to the rejected original $700 billion bill the new bill (with the changes stated in yesterday’s blog) passed both the Senate and the House this time. The House passed the bill with a vote of 263-171 saying that the revised bill offers more protection for individual investors and small businesses through both tax breaks and a revised coverage plan by the FDIC of individual bank deposits.
MSNBC went on to say that, “House leaders said the difference was lawmakers’ work to shift the focus from the bailout of financial companies to the boost it would give homeowners, small businesses and individual investors.” There’s been a pretty big misconception with this bill as far as who it was aiming to help but, the truth is that this bill will help stimulate the economy and allow all of us to continue getting loans and making home ownership a true possibility for the average American family. I can’t tell you what the future holds but I can assure you that the passage of this bill is a fantastic step in the right direction for regaining confidence in the American economy and positively boosting the housing market nationwide.
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