Tuesday 30 September 2008

Second House's Vote


The New York Times reports,on September 29, 2008, "In a moment of historic import in the Capitol and on Wall Street, the House of Representatives voted on Monday to reject a $700 billion rescue of the financial industry.Supporters of the bill had argued that it was necessary to avoid a collapse of the economic system, a calamity that would drag down not just Wall Street investment houses but possibly the savings and portfolios of millions of Americans. Moreover, supporters argued, a lingering crisis in America could choke off business and consumer loans to a degree that could prompt bank failures in Europe and slow down the global economy. Opponents said the bill was cobbled together in too much haste and might amount to throwing good money from taxpayers after bad investments from Wall Street gamblers."
I do second the vote by the House of Representatives and agree with the opinions of opponents. Actually the financial market must be one of the most important industry, but these crisis came from the failures of investment. Investors should bear their responsibility.
I am afraid Japanese government could not make above judgement in fair points of view. USA will keep the position of the leader of the world.

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