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The Student News Site of Stony Brook University

The Statesman

The Student News Site of Stony Brook University

The Statesman

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    Pass the Bailout Bill

    The past two weeks had already been plagued with economic upheaval, without the added pandemonium caused by the failure of the $700 billion financial bailout plan, last Monday, courtesy of Congress. Consequently, the Dow Jones’ average went down 778 points and the credit markets were frozen. Two-thirds of Republicans and one-third of House Democrats failed to vote for this bill, all of Congress, both left and right, are to be blamed for their inability to look past their party ideology and short term political gain in a time of deep financial crisis. Republicans who voted against the bill cited excessive government regulation as grounds for failure.

    According to money.cnn.com, House Republicans feared this measure would set a precedent for big government, and permanently suspend economic freedom. It seems that the reasons for voting down this bill lay more in petty politicking than in the hurt feelings of House Republicans caused by House Speaker Nancy Pelosi’s criticism of sitting President’s economic stewardship of the last eight years. Meanwhile, House Democrats were concerned about how unpopular Wall Street bail out plan was on Main Street and how it would jeapordize their reelection prospects.

    However, if a bailout plan is not agreed upon and passed soon by Congress, all Americans will suffer dire financial consequences from quickly shrinking savings in their 401 K plans to loss of jobs due to severe contraction of available credit to big and small businesses.

    The American economy and people are at a very critical juncture in our history, where if swift action is not taken, we may risk a further deepening of the economic crisis which may result in deep recession just not in America but also in other parts of the world.

    Of course Congressmen and women can debate the merits of the rescue plan until the cows come home but the country cannot afford to delay an effective response to the economic crisis. Congressmen and women elected by their constituents have a greater burden to tend to and that is to decide what is in the larger good for nation and in the best interest of our future.

    Congress has always had a reputation for bickering over little things and not getting much done. Congress’s approval rating is even lower than the one of the most unpopular sitting presidents in our history. However, at a time when major banks are filing bankruptcy day after day, there is no room for inaction.

    During Congress’s two-day recess for the Jewish holiday, I hope each elected member of the congress will take a pause and think about our collective financial solvency and will throw a rescue life line to our economy teetering on the edge of a financial abyss. That our Congressmen and Congresswomen would see past their myopia and see the need for a swift action to pass the Rescue plan in front of them.

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