Bailout Funds

Our economy today is facing a major financial crisis. From homeowners to the auto industry, people are losing jobs and opportunities to provide for their families. With the current unemployment rate increasing, it is becoming harder and harder for American’s to survive the economy. As if this is not enough, the washingtonpost.com reports that Treasury department officials are attempting to lay the foundation to receive the second half of the $700 billion financial rescue package from Congress and have approached President-elect Obama to help their cause. Obama’s team is trying to persuade Treasury officials to use the second half of the funds to help homeowners and the auto industry, but Treasury Secretary Paulson “has been resistant so far.” Many people disapprove giving money to the Bush administration because they feel that so many previous funds were “misused.” This article is worth reading because it illustrates the ineptitude of our current administration to learn from its previous mistakes and finally help the people who really need it.