I honestly don't understand.

[angledge]

Why is it so urgent that Congress pass a bailout bill in the next few days? I understand that they are supposed to adjourn at the end of September, but surely they could stay a few extra days, if needed?

I feel that there is a false sense of urgency to pass this gigantic bill without giving it the examination & debate it needs.

Comments

[angledge.livejournal.com]

And now Wachovia has gone under. I still say, so what? Something like 80% of their deposits are FDIC-insured, & the banks that bought WaMu (JP Morgan Chase) & Wachovia (Citibank) have guaranteed ALL deposits.

If the banks vetted mortgages poorly, they should fail. We will end up with some mega-banks, which will then pull Stupid Bank Tricks like cutting interest rates & raising fees. This will create an opportunity for smaller regional banks to gain customers by eschewing Stupid Bank Tricks. And so the market goes.

[(Anonymous)]

You are talking about the individuals. Let me put forth the case of the local business that had a line of credit with Wachovia in order to buy materials......now that is gone, so they can't buy goods on credit.