Congressional leaders of United States have said that they may reach agreement on $700bn rescue plan for the financial markets soon. Earlier there were reports of some problems as some Democrats wanted more safeguards for public. Senior members of the Democratic and Republican parties are now trying to bring about a compromise in order to pass the bail-out plan.
The massive rescue plan aims at buying the bad mortgage debts that has brought a crisis in the mortgage market and resulted in collapse of major banks. A few days ago Washington Mutual came crashing down under the weight of bad mortgage debt.
I think that the plan will be approved. But keeping in view that it is a massive plan which seeks unprecedented amount of money, it must be implemented with care so that the money of the taxpayers does not go waste.
Congressional leaders of United States have said that they may reach agreement on $700bn rescue plan for the financial markets soon. Earlier there were reports of some problems as some Democrats wanted more safeguards for public. Senior members of the Democratic and Republican parties are now trying to bring about a compromise in order to pass the bail-out plan.
The massive rescue plan aims at buying the bad mortgage debts that has brought a crisis in the mortgage market and resulted in collapse of major banks. A few days ago Washington Mutual came crashing down under the weight of bad mortgage debt.
I think that the plan will be approved. But keeping in view that it is a massive plan which seeks unprecedented amount of money, it must be implemented with care so that the money of the taxpayers does not go waste.
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