Financial Bailout Passed by Senate

The Senate passed the financial bailout Wednesday night, 74 to 25. I'm not sure that was a good idea. I think it was irresponsible on the Senate's part and shows poor judgement in regards to the economic crisis. The decision seems like the "easy way out" that could potentially make things more difficult in the long run. I feel there are many different options besides the bailout, the government just hasn't taken the time to think of them. This bailout could be really good for us, or really bad. In this case, I hope I'm wrong about this and I really hope the bailout will significantly help the economy.

Cash crunch: small businesses get creative

Banks have all but stopped lending, so entrepreneurs are turning to other means amd sources of funding to keep their businesses running.

Minimum Wage

Minimum wage is being raised in 26 states to at least $6.55/hour. I think this will affect our economy because more people will be less anxious to leave their job in search of more pay. And this also may affect the nation's employment rate

30 Under 30: Entrepreneurs to Watch

Entrepreneurs keep getting younger and younger, while their companies only get bigger. From solar energy to lobster trapping, the members of Inc.com's annual 30 Under 30 list are shaking up a variety of industries -- and doing it on their own terms!

Companies Headed for Painful Times

As consumers' discretionary income gets low and some companies struggle amid tightening credit conditions, 24/7 Wall St. rounds up a list of big company names that are likely to suffer in the coming months due to an ongoing credit crisis. I think our economy is about to see a depression like no other.

Wells Fargo, Citi Battle Over Wachovia

Wachovia says that it has agreed to be acquired by Wells Fargo in an all-stock deal worth $15.1 billion. But reports of a possible lawsuit begin swirling, since the deal would end an agreement that Citigroup announced earlier this week to buy Wachovia's banking operations with help from the FDIC.

Our financial industry is in a decifit.

Three Weeks Work for $19 Million

CEO joined Washington Mutual right before it went down. Alan Fishman was paid $19 million for three weeks work. The bank was seized by the FDIC and was also reported to be the largest bank failure in US history. Some parts of it were bought by JPMorgan Chase.

Illegal Immigrants

Where do I start? Illegal immigration is unfair on so many levels.
I don't have a problem with people because they are from other countries trying to live a better life in my country- no, not at all. I have a problem with people from other countries sneaking over the border to work for cheap wages and send the money back to their homelands. I have a problem with the immigrants who don't take the initiative to learn the English language and get on that waiting list for a visa. What's happening is people are sneaking across the border, working for cheap wages (below minimum wage even!) resulting in a tremendous unemployment rate for Americans who have lived in this country their whole life! How is that fair? An immigrant who hasn't made their contribution to American society can just come in, get a job that pays $5/hour that an American could have had for $12/hour, and send all that money back to their hometown- contributing to our economy's demise. And apparently, this is OK! Well, I for one don't agree. Because that money is lost, the government is going to find a way to replace that money- A.K.A. my taxes!
I'm curious. We live in America. Our primary language is English. Now, a lot of jobs are requiring that employees speak Spanish. Can we make it any easier for these illegal immigrants?
When illegal immigrants have children in America, their kids are considered Americans. Now my taxes are going towards healthcare and education for that child when their parent(s) were very wrong for illegally coming into the country in the first places. It's just not fair. That money could be going towards a legal resident who really needs that aid!
This is yet another reason why our economy is at an all time low!

Stocks Plummet After Bailout Bill Fails

In a vote that shook the government, Wall Street and markets around the world, the House on Monday defeated a $700 billion emergency rescue for the nation's financial system. This left both parties' lawmakers and the Bush administration dismayed. Apparently this was the last resort to fix our economy, so what happens now?

House to Vote on Massive Bailout Deal

Speaker of the House Nancy Pelosi announced Sunday that lawmakers and members of the Bush administration reached an agreement of approving the bailout package for Wall Street. The Bush administration and other members of the government believe the bailout is the most efficient way to fix our economy. The bailout also gives the Bush administrators more of an advantage to spend out tax dollars on other financial industrial issues which is a concern for me.

"Obamanomics"

"http://www.ontheissues.org/celeb/Barack_Obama_Budget_+_Economy.htm"
A different economic approach vs. McCain's 4 more years

Q: The GOP is arguing already that you want to increase capital gains taxes on investments and stocks: A lot of middle-class people have those kinds of accounts.
A: If they have a 401(k), then they are going to see those taxes deferred, and they're going to pay ordinary income when they finally cash out. So, that's a phony argument. You know, as I travel around the country, what I'm absolutely convinced of is that people recognize that if only 1% of the population is doing well, when we've got wage and incomes for the average worker actually going down during a period of economic expansion, much less economic recession, that something's being mismanaged. And they want a different approach. And that's what we're going to be offering them. John McCain is essentially offering four more years of the same policies that got us into this rut that we're in now.
Source: CNN Late Edition: 2008 presidential series with Wolf Blitzer May 11, 2008

I completely agree with what Obama is saying here. In simple terms, Obama is saying he has a plan that will better the economic state of the nation, while McCain wishes to continue to America's economic policies that put us in this financial crisis in the first place.

Can't do anything at home with $12 billion a month on Iraq

The fact that we're spending $12 billion every month in Iraq means that we can't engage in the kind of infrastructure improvements that are going to make us more competitive, we can't deliver on the kinds of health care reforms that Clinton and I are looking for. McCain is willing to have these troops over there for 100 years. The notion that we would sustain that kind of effort and neglect not only making us more secure here at home, more competitive here at home, allow our economy to sink.
Source: 2008 Democratic debate at University of Texas in Austin Feb 21, 2008

Yes! Yes, yes, yes! Go, Obama! What is there to argue about? This makes so much sense. Why spend $12 billion a month on a war that we're not even quite winning. Hold on, let's do the math; thats $144 billion a year. The war started in 2003, that's almost six years. Now, if we were never involved in this war to begin with, that's $864 billion dollars we could have had for ourselves. If we had that money, then there would have been no reason for the government to be dipping into our social security!

McCain Shows Up for Tonight's Debate

"Reverses His Pledge to Postpone"

I liked John McCain's proposal to pause the presidential campaign until a stable plan was devised for the nation's failing economy. On the contrary, I most certainly did not appreciate John McCain's decision to attend tonight's debate. This incident proves him to be indecisive- or, a liar, in more simple terms if you catch my drift. This does not convey a good message to the public. We all know that politicians are liars, but let's face it- when we have evidence to verify such a statement, it only makes matters worse for the presidential hopeful. Bush has proved himself to be a "fabricator," and McCain himself is actually very good friends with Bush. So, how does that make McCain look? This occurance could result in a major hit for McCain. I guess that's why I'm an Obama fan! Woooooo!

Price Increases Hurt Entrepreneurs

The cost of gas and inflation not only affects us consumers but businesses as well. "From fuel to shipping costs to ingredients and raw materials, businesses costs are steadily rising, but so are the expenses that their customers are facing." If these businesses raise their prices too much --or too often-- then customers shop elsewhere. If they keep their prices low to suite their customers then they may run out of business. It's a loose-loose situation. There must be other alternatives or more inexpensive ways to get gas. This is outrageous! I'm a consumer and the inflation rates are ridiculous, something must be done!

http://smallbusiness.aol.com/article/_a/price-increases-hurt-entrepreneurs/20080917155809990001

Sales of Small Businesses on the Rise

Due to current economic state sales of businesses have sky-rocketed. The prices paid to buy out a small business are also rising, "from a median price of $186,000 at this time last year to $200,000." I think this can have a bad and good effect on our economy.
http://smallbusiness.aol.com/article/_a/sales-of-small-businesses-on-the-rise/20080922163109990001

Henry Paulson- Does he have what it takes?

Henry Paulson is currently the United States Treasury Secretary. He is also a member of the International Monetary Fund Board of Governors. He was also the previous Chairman and Chief Executive Officier of Goldman Sachs. Paulson was also Staff Assistant to the Assistant Secretary of Defense at the Pentagon from 1970 to 1972. He also worked for the Administration of U.S. President Richard Nixon.
As Treasury Secretary Paulson has "has quickly distinguished himself from his two predecessors in the Bush administration by formally identifying the wide gap between the richest and poorest Americans as an issue on his list of the country's four major long-term economic issues to be addressed, highlighting the issue in one of his first public appearances as Secretary of Treasury."
Based on this information, I believe Paulson is a qualified candidate to manage the "bailout" operations. He has served many years working with and for the government holding elite positions.

Information gathered from: http://en.wikipedia.org/wiki/Henry_Paulson#Career_highlights