As of right now, it looks like Congress won't be rushing in to bail out Wall Street. The breaking news hitting the wire right now is the news that the U.S. House voted against passing the $700 billion dollar bailout bill.
What is interesting about the vote, is that there was no consensus along party lines. Just as many Republicans in the House were against it as Democrats.
Is it a good idea not to pass this bill? Or is there a better version of the bill that would be more beneficial?
I know that during the recent presidential debate, both Sen. John McCain and Sen. Barack Obama said that any bill that bails out Wall Street also needs to help the people on main street. It definitely makes sense. Everyone is suffering in this current economic climate, and if you are going to bail out the banks that got us in this mess, the tax payers should probably be getting some relief. So what do you think the answer is? And if the government is going to start bailing people out, how would you like to be bailed out? Imagine that you could be bailed out in any way possible. What would be the number one bail out you would call for? Perhaps free health care? Maybe much lower gas prices? Tell us what you want to see.
Who needs to be bailed out?
James J Siegel is the associate editor of SNIPS magazine. He has been with the magazine for eight years and is based in San Francisco.