The government bailouts in 2008 were supposed to make a remarkable difference in our economy, even before Obama’s new multi-billion dollar plan that has not yet been released. The bailout is supposed to bring some stability back into the markets for people looking for financial survival and is aimed at the stemming credit crisis. Unfortunately it seems that nobody can agree on the attributes of the actual plan.
The initial agreement of the plan was reached on September 25th only to fall apart after it had reached the White House. The $ 700 billion program would have effectively nationalized a regalia of mortgages and securities backed by them; instruments whose devolving value has blocked the nation’s fiscal system. Chairman Barney Frank has been said to be working closely with the Obama Administration on plans to shift the focus. The TARP program (Troubled Assets Relief Program) itself was trying to take certain situations into consideration according to Treasury Secretary nominee Timothy Geithner. These situations and bailouts would have allegedly helped people such as home owners, small businesses, financial firms, and banks which will then create a recyclable system of sorts to help other people such as large businesses and consumers.
The fund was supposed to be given to banks in order to help home owners survive foreclosures. Unfortunately, the banks were taking the money and giving it to other banks. Five years ago when the economy was booming, no one expected that the economy would be the way it is today. And with no oversight by Bush and the Bush Administration it leads us to where we are right now.
More plans are in effect for further bailouts to help with big business failures and financial survival but right now nothing has been set in stone.
This is one reason a lot of Obama followers are excited about his election victory because many people think that Obama will be able to clean up the mess the Bush has caused over the years. The truly scary part of all of this is that it didn’t happen overnight. These problems are deeply rooted in both our culture and our economy. We need to be prepared to stay the course in correcting them.
Lets just hope Obama really can “fix” the problems that have risen over the years and that the economy isn’t already too far gone.
Catherine Ledger is a business coach and mentor based out Fairbanks, Alaska, that assists serious entrepreneurs in building a profitable online business with multiple incomes streams. Catherine and her team have assisted hundreds of people in generating profits that exceed 0K or more in their first year. For more information or to contact Catherine, visit, http://www.mlmreportexposed.com