Inside The Meltdown

I have posted a copy of Frontline’s documentary, Inside The Meltdown, at my website which you can link to here. This film takes a chronological look of what went wrong with America’s economy while focusing on various factors leading up to our current monetary crisis.

Congress Eyes New Lifeline For Homeowners

Some relief for homeowners facing foreclosure is in the pipeline. A House committee approved a bill last week that would allow bankruptcy judges to order banks to reduce mortgage payments. That’s known as a “cram down.”

We’ll keep a close eye on this bill as it makes it’s way through Congress.

$700B Bailout Bill Becomes Law

WASHINGTON (AP) – With the economy on the brink and elections looming, Congress approved an unprecedented $700 billion government bailout of the battered financial industry on Friday and sent it to President Bush for his certain signature.

The final vote, 263-171 in the House, a comfortable margin that was 58 more votes than it garnered on Monday. The vote capped two weeks of tumult in Congress and on Wall Street, punctuated by daily warnings that the country confronted the gravest economic crisis since the Great Depression if lawmakers failed to act.

Bush was poised to make a statement on the historic vote.