John Stossel reports on why the bailout isn’t working
A fantastic article by John Stossel:
Why Isn’t the Bailout Working?
The word “bailout” was one of the most-searched-for terms on the Internet this year. It’s been all over the news. It’s been discussed everywhere from Congress to American living rooms.
But what happened to that money that was already handed out? What happened to that first chunk of change from the $700 billion bailout that was supposed to increase lending?
The plan didn’t exactly work. The Dow has dropped 2,000 points since Congress approve those confidence-restoring funds.
Treasury Secretary Henry Paulson said taxpayers would be kept in the loop about the billions that have already been sent to about 100 banks.
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- Democratic Senator Bill Nelson of Florida talks about bailout bill
- First report from the Congressional Oversight panel for bailouts
Tags: bailout, congress, henry paulson, john stossel, tarp
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