Everyone does Rewrites

Last Friday, a bill passed in the House of Representatives that is designed to stimulate the credit markets. The importance of the bill is that the government is going to buy bad bonds from many banks, which will hopefully end our crisis. This is by no means a quick fix, because it will take possibly a month to get the money buying going and the cash flowing and our government is not fully confident that the banks will continue loaning out their money. According to the Chicago Tribune, over $700 billion will be given to numerous banks and an additional $110 billion elsewhere through the bill. The article also discusses the small risk in the bill for the Treasury. If the bill doesn't work, or in other words if the banks stop giving out a set amount of loans, then our economy will severely hurt and all this bill and all the money given to banks will have been wasted.

I started thinking about this bill and why the first bill didn't pass. It seems Hank Paulson's first bill, which was only 3 pages, didn't pass because the republicans thought it was flawed and voted it down. They thought they could get a better bill. The bill that just passed is much more detailed; infact, it is now 450 pages! These events reminded me of our Reservation Blues essays. The first drafts were done hastily and now we are getting the chance to add more details and improve our essays. I guess even our government is still rewriting essays. Thankfully Mr. Lawler and Mrs. Logan don't make us add 447 pages to each rewrite!