Many Washington insiders admit that restoring “faith” in our financial system is one of the main public relations goals of the $700B bailout that the Congress is wrestling with. So, it passed the Senate in spite of the fact that a CNN online poll indicated 60% of participants thought they should vote against the bail out. The day after passage the markets are once again headed down. Is this a vote of no-confidence in Congress? Are world financial markets and the folks at home looking for more substance behind Congress’ response?
One more question: So if the House passes some form of the Senate approved plan, what next? Certainly Wall Street and John Q Public will expect action after opening the check book. Here’s one refinement of the proposed plan that has drawn attention from experts at the Sutherland Institute. The Stone Plan, refined with input from the Utah Bankers Association and other financial scholars is making the rounds among Utah politicians, investment experts, bankers, and is already being reviewed in Congress.
What is Dr Stone still missing? What’s your input?Share