In a landslide victory, the Senate passes the bailout bill at around 9pm on Wednesday night, with a vote of 74-25. It was interesting to see that Obama, McCain, and Biden all took time of the campaign trail to vote on this very important bill. The most high-profile Senators of Obama, McCain, Biden, and Clinton all voted for the bill along with the House Majority Leader and Minority Leader, Harry Reid and Mitch McConnell respectively. This is a major step towards the passage of the bill but on Friday, it will face off against the House who blocked the last bailout bill. This bailout bill is a bit different, it looks for layers of oversight on Wall Street and increasing the FDIC insurance on bank accounts from $100,000 to $250,000. So now the question becomes, will the 23 vote margin be overturned in the House and have this bill be passed which will give 350 billion dollars up front with the other 350 given at the Senate's discretion later. Many people are against it so it will be very interesting to see the vote comes down on Friday as Ron Paul and his people seek to stop the bill from getting past, as they want capitalism to be kept in its purest form and have Wall Street pay for its mistakes.
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Let's hope the House has the sense to shoot down this dangerous piece of legislation. Why? This is why.
cosmic I whole-heartedly agree, this bill is pure insanity and should be blocked at all costs. Im glad congress had the sense to stop it the first time, hopefully they won't give in to the media demanding that the bill be passed