IN-DEPTH LOOK AT THE RESCUE BILL

The Rescue bill is, in my opinion, a major determinant of our generations’ future financial lives. Now that it is unchangeable and in action, it is the appropriate time to explore the techniques and solutions it proposes to fix the economy. The bill designed a new office in the Treasury that is meant to deal solely with the financial stability of our country called the Office of Financial Stability. This office holds the power to purchase problematic assets from banks and take other necessary measures to rehabilitate the economy. However, in order to regulate the Office of Financial Stability the Rescue bill made it a requirement that the Office must initially get their financial spending approved once it surpasses the $250 billion mark. Due to the lack of regulation of Wall Street and other influencers on our economy, Congress is making it imperative that there is total regulation of all financial influencers; thus, Congress established and “Oversight Committee” that is responsible for helping and watching over the Office of Financial Stability.

Now, let’s take a look at who the Rescue bill mostly plans to affect:

1) 400,000 homeowners on the brink of losing their homes to foreclosure

2) First-time house buyers who cannot afford to put a down payment on a home

3) States and cities that will receive money to restore foreclosed homes

4) Mortgage counseling for those uninformed

5) Fannie Mae and Freddie Mac

While those who are going to profit from the bill are fortunate, some critics analyze the small amount of benefits in comparison to the large sum of money being used in this bill. John Vogel, a business professor at Dartmouth, said “We’re not getting enough for our money…it will not address the problem as fully as we would have liked.” While economists partly agree with critics’ such as Vogel’s views on the Rescue bill, experts also note that this is just a small step in the long journey to repairing our economy—this is the most we can do for now.

Before this post comes to an end today, I want to touch on the subject of the economy’s affects on YOU and YOUR student loans. Education is a very important factor in becoming a successful American, and without the aid of student loans many students are unable to graduate or even attend a university. The Senate made sure that the Rescue Bill addressed the subject of student loans when the issue surfaced on September 17, 2008. The Senate guaranteed that the Rescue bill contained a section that endeavors to provide student loans for students in the years 2009 and 2010. (THANK YOU SENATE!)

That is all for now ya’ll, but stay posted for information regarding the Rescue bill at work in our economy and the Presidential candidates’ plans to rehabilitate our economy.