For all the hype that this bailout bill has had, I sure hope it lives up to everything our fearless leaders said it would. Since this is the biggest government expenditure ever, it better live up to it.
Although Washington applauded this bailout bill and both Presidential hopefuls Obama and McCain voted to support this new law, Wall Street was not as kind. The Dow Jones average dropped 157 points on Friday with news that the bill passed, so apparently they weren't too impressed with all the pork that was in it.
Not only does the new law allow for some $700 billion in taxpayer money to buy up troubled assets, it also contains another $107 billion in pork barrel spending on all types of crazy things. (Yes that's an additional $107,000,000,000 of your tax money.) I sure hope that this new law does something to fix the economy besides just lining the pockets of Wall Street millionaires.
I'm sure that Congress read through all 451 pages since they first rejected this bill just 4 days earlier. Oh yes, they tacked on over 400 pages of pork including another $100B in wasteful spending.
You can read up on the details in USA Today and the Wall Street Journal. I feel like I've just been mugged and pillaged by Congress and Wall Street. I'm glad that at least my Congressman Feeney and Senator Nelson had the guts to vote 'No' on all this pork. I've been disappointed by Martinez ever since that failed immigration bill, so I'm not surprised by his 'Yes' vote.
Somehow I doubt that the phone will start ringing off the hook to buy houses come Monday.
---------------------------------------------------------------------------------------------------------------------
(Copyright © 2008. Sand Dollar Realty Group, Inc. All rights reserved.)
Rob Arnold - Your full service and investor friendly Realtor in Orlando and Central Florida.
ABR, CPL, CRB, CSP, GRI, Managing real estate broker, Licensed mortgage broker, Notary Public
407-389-7318 / 1-877-389-7318 www.SDRhouses.com/ www.WeBuyHousesFlorida.com/
Learn to invest in Central Florida real estate and Orlando real estate. Investor mentoring and counseling available. We sell properties, list properties, and we buy houses cash throughout the Central Florida & metro Orlando area.
I also provide flat fee MLS listings, For Sale By Owner, and menu-based services in most parts of Central & South Florida, the Space Coast, and the Treasure Coast including Orlando, Winter Park, Maitland, Ocoee, Winter Garden, Apopka, Altamonte Springs, Casselberry, Longwood, Winter Springs, Oviedo, Lake Mary, Sanford, Deltona, Debary, Deland, Mount Dora, Eustis, Clermont, Kissimmee, Winter Haven, Lakeland, Tampa, Sarasota, Bradenton, Miami-Dade, Fort Lauderdale, West Palm Beach, Port Saint Lucie, Melbourne, Daytona Beach, Ocala, Gainesville, Volusia, Brevard, and more.
Comments(3)