Current Event #1

Recently, I have read about the Bush administration's $700 billion bailout of Wall St. I am worried about what Congress will do because I believe the plan needs work before being passed. Many of the major investment banks on Wall Street are having financial difficulties, and the bailout would help to save them from going under, but some members of Congress are trying to rush to get the bill passed by Friday. It is better to have a plan that will work later, than a plan that will fail now. One of the amendments that I strongly agree with limits the severance pay for corporate executives. I think the bill should not be passed without this limitation because without it the executives could essentially pocket tax payer's money. Another modification requires monthly reports to be submitted to Congress, this takes away the risk of simply giving $700 billion to the Secretary of the Treasury to spend on whatever he wants. I think with these amendments the bailout would be a much safer way to help Wall Street, but I wonder if it is necessary to help them at all. Why should the government help the large companies that made the biggest mistakes, when the small companies are left to fail?