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‘Far From Perfect’ Wall Street Bailout Signed Into Law

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Will bill restore real estate confidence? We want your feedback!

RISMEDIA, Oct. 6, 2008-(MCT/RISMedia)-Besieged by pleas from its constituents, from corporate executives to struggling wage earners, the House of Representatives reversed itself Friday and approved the controversial $700 billion financial-system rescue plan, designed to keep the nation from falling into an economic abyss. Not even an hour later, the historic plan was signed into law by President Bush. Will the bill hurt or help real estate consumers? 

“By coming together on this legislation, we have acted boldly to help prevent the crisis on Wall Street from becoming a crisis in communities across our country,” President Bush said during a press conference. “We have shown the world that the United States of America will stabilize our financial markets and maintain a leading role in the global economy.”

The 263-171 vote reversed the House’s rejection of the bill Monday and came two days after the Senate passed a revised version of the plan. In the end, 172 Democrats and 91 Republicans joined forces to pass the measure and send it to President Bush to sign into law.

Rep. Jim McGovern, D-Mass., summed up the feelings of many of his colleagues when he described the legislation as “far from perfect” but acknowledged: “The way I see it, we don’t have much choice.”

According to the President, Americans should expect that it will take some time for this legislation to have its full impact on the economy. “Exercising the authorities in this bill in a responsible way will require a careful analysis and deliberation. This will be done as expeditiously as possible, but it cannot be accomplished overnight. We’ll take the time necessary to design an effective program that achieves its objectives-and does not waste taxpayer dollars,” he said.

Do you feel this will / will not restore real estate consumer confidence on Main Street? How will this effect your market in particular?

Send your thoughts to RISMedia’s Associate Online Editor Kayla O’Brien by e-mailing Kayla@RISMedia.com.

Editor’s note: All feedback will be considered for publication.

© 2008, McClatchy-Tribune Information Services.

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