For general discussion and debate. Possible talking point: bailout on!
The proposed legislation would disburse the $700 billion in stages. The first $250 billion would be issued when the legislation is enacted while another $100 billion could be spent if the president decided it was needed. The remaining $350 billion would be subject to congressional review, said a statement issued by Pelosi's office early on Sunday morning.
What do you think of this deal, especially in the context of the following from the British Telegraph:
The US stock market could suffer a devastating crash with shares losing a third of their value this week if Hank Paulson’s financial bailout plan fails, US Treasury officials have warned. The financial system could face a meltdown of 1929 proportions unless US politicians succeed in their efforts for a $700bn rescue scheme, experts added.
What do you think? Was this deal necessary? Were the risks of inaction this great, or did Wall Street stoke the hysteria so that the bailout would, well, bail THEM out?