politics

Passing the bailout bill would provide quick stability to Wall Street, right?  Maybe some day down the road, but certainly not on Monday.  After major sell-offs around the world, the Dow Jones, Nasdaq and S&P are all being consumed by an avalanche of selling.  What is behind this bearish attitude?  How long will it last?  And how can we snap out of it?  That’s what we ask Brian Wesbury, former Chief Economist for the Joint Economic Committee of Congress.  He is noe Chief Economist at First Trust Advisors in Lisle, Illinois.

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On Friday, the House of Representatives reversed course and passed a revised version of the $700 billion bailout plan by a vote of 263-171. Texas Rep. Kevin Brady says he doesn’t like this plan but believes it’s the best option available to lawmakers right now.  Listen to Brady explain his tough decision and how conversations with his constituents convinced him to vote in favor of the legislation.

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How optimistic is President Bush that the second time is the charm for House passage of the bailout bill?  What are the presidential candidates saying about their support for the bill in the Senate?  What explanations are we hearing from the few senators who voted against the updated plan?  And what is House Speaker Nancy Pelosi saying about the significance of Friday’s vote?  Listen here for the latest details on all of these major stories for Thursday, October 2, 2008.

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There is no consensus among House Republicans or Democrats about whether supporting the revised bailout bill is the right thing to do.  What about the taxpayers?  Should you support or oppose this plan?  How much will it squeeze taxpayers?  Will you get your money back and possibly even more or does history show otherwise?  And what about all the additions tacked on by the U.S. Senate?  Are those reasons to like the bill or line up in opposition?  We ask Pete Sepp, Vice President for Communications at the National Taxpayers Union.

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After changes made by the Senate, the revised $700 billion bailout plan seems destined for House passage on Friday. But Arizona Rep. Trent Franks is not budging in his opposition to the plan.  Why not?  Why does he believe putting up so much in taxpayer dollars is unacceptable?  What kind of alternative is he pursuing?  And how does he respond that rejecting this bill again would be far costlier than the price tag on this bill?  Click below hear Greg’s discussion with Rep. Franks.

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