We have all witnessed Congress approve the $700 billion dollar bank bailout.
A few months ago, it was literally in the news every moment. The news was reporting that this bailout was of utmost importance and that it needed to be passed immediately especially after the $1 trillion loss the market took the day before.
The purpose of this bailout was to free up credit markets that were frozen and help American banks stay afloat. The Chinese and British were eager for us to pass the bill as well since they were highly invested in our banking system. The bill passed and was finalized a few days after but no news coverage? No website addressing the transparency promised? No accountability?
A few months have passed now and we are on the verge of another $800 billion recovery package but I think we forgot to ask whatever happened to that original $700 billion?
