Figure beyond imagination by Zuzana Zelenakova

Can you imagine how much money is $700 billion? Well, that is not an easy thing to do even for the richest people in the world, not to speak about common people. Let´s just say that if every person in the United States – current population is about 305 million people – pay $2,300 they could raise the jawdropping figure of $700 billion, which is the price tag of bailout plan introduced by Bush administration on Friday in an attempt to remedy the financial crisis or better to say catastrophe on Wall Street. After that stocks went finally higher not only on Wall Street but all around the world. No doubt we are talking here about the most significant government intervention to rescue financial institutions since the Great Depression. President Bush himself confessed that there are risk in this action for taxpayers, but “The risk of not acting would be far higher,” he added. The administration asked Congress for new powers so that it would be possible to take over troubled mortgages from banks and other companies. Both sides should work out the whole process into details during the weekend. "Every American should know that the federal government continues to enforce laws and regulations protecting your money," said President Bush at the White House. Even Democrats and Republicans are united as far as the bold move taken by the administration is concerned. “Truly, we are all in this together,” said Barrack Obama stressing that both parties should work in concert. Republican presidential nominee John McCain stated that "any action should be designed to keep people in their homes and safeguard the life savings of all Americans." Treasury secretary Henry Paulson said that the rescue program must be large enough to have the necessary impact while tax payers are protected as much as possible.


related story: http://news.yahoo.com/s/livescience/20080930/sc_livescience/howmuchis700billion;_ylt=AiIoUTkd_jHTpnhwBZj5nOms0NUE

by Zuzana Zelenakova for PocketNews (http://pocketnews.tv)

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