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Thread: US Congress makes compromise with the White House!
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[quote=YVONNE,326326]Although about 120 economists wrote a petition to US Congress opposing 700 billion dollars bailout plan, US Congress didn't take their suggestion into consideration and made compromise with the White House. It is reported that US Congress has reached "fundamental agreement" on the White House's 700 billion financial rescue plan. However, the Congress hasn't reached agreement on some detalied issues such as, how 700 billion will be disbursed and the circumstances under which the government would take equity stakes in participating banks; and help for homeowners. Hans Jorg Rudloff, Barclays Capital chairman, said that the US was in the crucial moment so that the rescue plan will pass and there is no other choice. On Wednesday night, Bush warned in his speech that without action the US could “experience a long and painful recession". Is it real that there is no choice except passing 700 billion financial rescue plan?[/quote]
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