Current Events: Bailout Plans Underway
How are we going to avoid a big recession? Most experts agree that intervention is the only answer: for the government to buy the toxic, mortgage-based assets of shaky financial institutions to try and keep them from going under - because if they DID go under, it would set off an avalanche of financial disaster, including wiped-out retirement savings, rising home foreclosures, closed businesses, and lost jobs.
“All of us around the table … know we’ve got to get something done as quickly as possible,” Bush told reporters, brought in for only the start of the meeting. Obama and McCain were at opposite ends of the long oval table.
The negotiations and discussions for what will be the best plan of attack are still underway.
3 years ago