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Bush to ask for more government money
Israel News.Net
Monday 12th January, 2009
The White House has confirmed US President George Bush will go along with a request from the incoming president to ask for the remaining $350 billion of the $700 billion financial industry bailout.
According to the White House Barack Obama made the request on Monday after his fellow Democrats expressed reservations about how the aid was being is used.
It is believed President Bush will ask Congress to release the rest of the funds within fifteen days.
The bailout money has mainly been used to give banks cash so they can continue to lend after the credit squeeze triggered by toxic mortgage-related assets.
But Obama and his fellow Democrats want more of the money to go directly to people unable to cope with home repayments.
They also want stricter limits to be imposed on those who accept the aid.
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Comments on this story
Sammy
01-13-09, 12:28 AM |
Bush to ask for more government money
It would be more useful to use this bailout money to create more jobs, than rather give it to the wealthy bankers who will spend it to maintain their luxurious living style.
Because if these bankers that are crying for bailout from the governments would be more careful in spending other people’s money they would not arrive to these circumstances, but then the political climate during the bush regeme was perfect for them to be spendthrifts with other people’s hard earned money.
I do wish that Obama will be more careful in his dealings with the undisciplined bankers, and certainly will ask for collateral before giving them easy money.
Sammy
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