CNN confirms through sources tonight that the Senate will vote tomorrow on the same defeated bailout plan the House voted against on Monday. The vote is expected to take place after sundown because of the Jewish holiday.
There are a few changes to the bailout plan that were added since its defeat. One of the additions is the increase of the amount insured by the FDIC to be increased from $100,000 to $250,000. With the requested increase the goverment hopes to stimilate the consumers confidence in hope that they would want to deposit more money into banks. If the increase it granted, it will be the first change of the FDIC limit since 1980.
If round 2 of voting does not reach a resolution, expect a repeat of Monday on Thursday.
Source: CNN
Tuesday, September 30, 2008
Dow Closes Up 485 After Yesterday's Record Drop
Today, we received very positive news coming from the NYSE after yesterday’s record drop. The Dow jumped 485 points, taking back 62% of yesterday’s drop, after bargain hunters took advantage of yesterday’s carnage. Many hope a resolution is agreed upon sooner better than later, but there is no light at the end of the tunnel yet. I believe this is a crucial time in our life in which we face hard economic situations. I feel bad for those who are searching for a home because lenders are tightening their grasp on their cash. Some lenders will soon demand 15% - 20% as a down payment.
A resolution needs to be agreed on before this gets worse and believe me, it can. We are on the verge of getting into the 21st Century Great Depression. Right now we are in a recession, but on the doorstep of a depression if this economic crisis is not solved soon
Stay tuned to Enrique6 News for the latest update.
A resolution needs to be agreed on before this gets worse and believe me, it can. We are on the verge of getting into the 21st Century Great Depression. Right now we are in a recession, but on the doorstep of a depression if this economic crisis is not solved soon
Stay tuned to Enrique6 News for the latest update.
Welcome to the Enrique6 News Center
Hello my dear friends and welcome to my news blog. My other blog – Enrique6 News Hurricane Center – will serve as the weather blog for Enrique6 News. You will no longer receive the email “BREAKING NEWS” because I have created this blog to replace it. This blog will act as the Enrique6 News Center for all breaking news that occurs anywhere in the world. If it’s breaking news Enrique6 news will have the information for you.
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