Pass Economic relief package

The U.S. House of Representatives on Monday failed to pass a $700 billion economic bailout. During the 15 minute vote, Wall Street started to realize that the bill was going to fail, and in reaction, stocks plunged 777 points âÄî the largest single-day point loss in its history. Global markets lost a total of $1.7 trillion and the Dow Jones rebounded Tuesday, having the third best day in the history, taking in a 485 point gain. With such an erratic market, the federal government needs cast aside partisan politics today to calm the markets and get credit flowing. The bailout plan itself contravenes the Republican PartyâÄôs anti-regulatory beliefs. Republican leaders cited that the lack of taxpayer protection was another prime reason why the measure was not approved. Instantly after the vote failed, Democratic leaders, including Nancy Pelosi, blamed the two-thirds of Republicans who voted no on the measure. Republicans fired back by blaming PelosiâÄôs âÄúpartisan speechâÄù before the vote. The world is looking for our government to act as Americans, to diminish the division that has been prevalent in American politics for the last eight years. Congress needs to act to assure the world that America will not let history repeat itself. The key now is not in blue or red nor donkey or elephant, it is America moving forward as one. The House has what everyone wants; a second chance. They should take advantage of this opportunity and approve this bill once and for all. The Senate has now approved a bill with minor additions such as a FDIC insurance limit increase and a renewal of a host of expiring tax breaks. Some house leaders were opposed to the new measures and argued the Senate bill was tantamount to pork spending. But if a few pork projects are what it takes to entice dissenters then let them be. One of the SenateâÄôs additions to the bill actually amends the Higher Education Act of 1965 to lower the percentage of a borrowerâÄôs student loan payments made after defaults. This along with provisions protecting homeowners should satisfy politicians and their constituents alike. The credit crisis has been so esoteric and sweeping that Federal Reserve Chairman Ben Bernanke and head of the Treasury Department Henry Paulson warned incredulous congressional leaders just before it unraveled that there might not be an economy Monday without the plan, according to The New York Times. âÄúThat meeting was one of the most astounding experiences IâÄôve had in my 34 years of politics,âÄù New York Sen. Charles Schumer told the Times. The crisis moreover is contagious. Wachovia Bank âÄî which could go bankrupt âÄî Monday froze access to the Commonfund, which the University has roughly $52 million invested, said University spokesman Dan Wolter. While the Commonfund investments account for just a fraction of the UniversityâÄôs $650 million in assets, it does, for now temporarily, affect liquidity âÄîavailability of cash âÄî of those assets for the University. Smaller universities and colleges with less diverse investments could potentially take hits. We urge the House to pass the package so that the availability of student loans is not adversely affected. The Federal Pell Grant program still faces a $6 billion shortage and private banks are wearier of giving out student loans because of their relatively low interest rates: they donâÄôt make a fat profit. Frozen accounts, Wolter mentioned, might prevent families with college investments from gaining access to them. If the House passes the package the economy will take hits and taxpayers will foot the bill but the crisis wonâÄôt continue spreading. Some argue that smart, long term investments will enable people to ride this through âÄî and possibly profit from low stock prices âÄî but we hold that the package is ultimately in the best interests of the American people because there have been signs already of the credit crisis spreading and that could spiral out of control. The bill the Senate passed Thursday, while heavy on pork, is also heavy on taxpayer protections unlike the initial House version of the bill. The government should stop the contagion while it can.