Bailout Bill Finally Passes House, Now Government Can Start Shelling Out The Billions

Just four days after rejecting the bailout plan, the House of Representatives reversed their opinion and passed the bill today.
 

The economic crisis forced some congressman to reevaluate their original opinions, with 26 Republicans and 32 Democrats switching to “yes” votes, bringing the total vote to 263-171 in favor of the rescue plan.
 

So what changed? Congress realized just how screwed America would be without the bailout. Politico reports:

Leading economists remain divided about the wisdom of the policy; the huge cost triggered a populist anti-Wall Street fury among many taxpayers. But with unemployment rising and continued turmoil in equity and credit markets, even early critics concluded that the failure to act was more perilous to the American economy than following Paulson’s course.

“The consequences of our not acting are overwhelming,” said House Minority Leader John A. Boehner (R-Ohio) in a final appeal to fellow conservatives who undercut passage Monday. “Let’s not kid ourselves. We’re in the middle of a recession. It’s going to be a rough ride, but it will be a whole lot rougher ride if we don’t pass this bill.”

All it took to swing some voters was piling on the pork… pork barrels that is. Some extra goodies that can be found in this bill that weren’t in the original include:
 

• Added popular tax breaks and aid to rural schools

• Temporarily raised federal insurance for savings deposits of up to $250,000

• More oversight

• A promise to taxpayers that they'd have a greater chance to gain some equity interest in the companies benefitting from the government aid

• Restrictions on executive pay and severance packages for firms selling more than $300 in securities to the government

With these little additions, America can now get going on the $700 billion plan. Yes, $700 billion. Pretty inconceivable, huh?
 

To put it in perspective, Forbes recently compiled a list of the 400 Richest Americans and as to be expected Harvard drop out Bill Gates comes in at the one spot. His net worth is $57 billion, which if put towards government, could pay off a big chunk of that $700 bil. Even Oprah, a Tennessee State University grad who ranked way down there at #155, is worth $2.7 billion and makes an annual salary of $275 million. So maybe if all else fails, she can give the country a little boost. She likes charity and all that crap.