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The Credit Cruncher was conceived to help you to keep up to date with credit crunch and recession developments, it provides some helpful credit crunch advice and it addresses personal debt. The Credit Cruncher also seeks to explain how the credit crunch started and shed some light on the worldwide recession. Recently, we have begun to look at how BREXIT will affect the UK economy. Please feel free to leave comments where relevant.

6 Oct 2008

A $700bn bill becomes an $800bn bill

Some relief has been expressed (at least politically) about finally getting the so called 'rescue-package' through the House of representatives. This bill that was originally a 3-page document has developed into a 451 page document and somehow been passed. These are the things that worry me:
  • Easily-frightened politicians (there is an election just around the corner) have rejected an easy to understand 3 page document on the grounds that it was too much of a burden on the tax-payer.
  • The Senate turn this document into a 451-page mega-bill in a matter of hours adding $110bn to the tab to make it more appealing to Joe Public.
  • The House of Representatives totally 'buy' this with only one man who previously voted for the three-page bill admitting that the 451 page version was NOT the same as the bill he had backed and voting against it.
We are meant to believe that this massive document has been digested and understood and voted on in all good conscience a couple of days after it had first been written, with no re-writes or re-drafts, straight through... I hate to sound so negative, but this makes no sense to anyone without a hidden political agenda, in fact it stinks... The US Governing body has just voted NOT to spend $700bn on the grounds that it is too much, then turned around with a YES vote for the $810bn plan a matter of days later without surely having had the requisite time to make an informed judgment. Draw your own conclusions, leave me a comment....

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