$800 Billion Bailout-SellOut Passes in House

Trash Dispatch:

$800 Billion Bailout-SellOut Passes in House

The US House of Representatives has voted by 263-171 in favour of a $700bn (£380bn) plan to rescue the US financial sector. The 263-171 vote was the second in a week, following its shock rejection of an earlier version on Monday.

The package is aimed at buying up the bad debts of failing financial institutions on Wall Street.US President George W Bush praised lawmakers for their "spirit of co-operation" before signing the bill into law later on Friday.

The House adopted the new version after the Senate added about $100bn in new tax breaks to win Republican votes.

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TrashDispatch: Note the "$700bn (£380bn)" reference in the BBC news report above. For those of you who do not understand dollar valuations, it means that the British Pound is worth Twice as much as the U S Dollar. Or rather, that the U S Dollar is worth Half as much as the British Pound.

That valuation is likely to Drop another 15-25% when the markets open on Monday however, as the US Gov is having to Print those extra bills to keep it's economy afloat. Meaning, it will take even More U S Dollars to buy British Pounds.

The truly amazing thing however, is that this bill is suppose to help people Borrow money when, people borrowing money, is the reason people are in trouble in the first place. In deed the "Bail-Out" will do nothing more than to help people get More in debt.

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