Archive: September, 2008
HOW CRAZY is it?
It's a testament to the uncertainty of the world these days that we don't know whether to scold or praise House Republicans who balked at the $700 billion bailout package and sent Wall Street into another tailspin yesterday.
Lawmakers worked all weekend to craft a bailout package, and announced yesterday morning that an agreement had been reached. Except too many Republicans balked at the terms, and voted it down.
Do you support the $700 billion bailout? Tell us by leaving a comment!
Stock market responds to bailout failure
I know the entire financial system is on the verge of collapse, but we need to take a second to thank the kind folks at the Philadelphia Citypaper. They picked "It's Our Money" as the best blog in their 2008 Choice Awards issue. Here is what they had to say about our little project:
Thanks! Now we'll be adding "award-winning" to everything we write.
“It’s Our Money” began a few months ago as a way to get people even a little bit interested in the city budget. We chose our name as a reminder of why it’s important…as in “Yo! It’s our !@#($#%&* money!”
Fast forward a few months, and we’re all talking about ‘mortgage backed derivatives and parsing every sentence from the Treasury secretary.
Thanks to the national economic crisis, the “it’s our money” pronouncement has never been more relevant, as we all prepare to kiss $700 billion goodbye without being able to read the fine print.
Managing Director Camille Barnett
Daily News readers respond to City Council op-ed:
RE YOUR op-ed on rethinking City Council:
The ideas are intriguing. Non-partisan elections and term limits would be a good start. Consolidating districts and elimination of the at-large seats would also be good. This way, there's no party dominance and many dollars would be saved via reduced staffing. Term limits would bring in fresh ideas.
Most importantly, we want to hear from you. How bad do you think the economic crisis can get? Are you already feeling the pinch in your pocketbook? Use the comment section to sound off!
Chief Business Officer, School District of Philadelphia
Finance Director, City of Philadelphia
“The worst case scenario is that people are going to get scared and not repay loans. That will cause the credit markets to freeze up. You might have an extended period where loans are hard to get. That makes it difficult to get money for capital projects and other areas....A lot of people have retirement investments and if there is a contraction in the market the value of their investments will go down. That means something to everyone. Also, if the real estate market continues to move slowly, it becomes hard for people to sell their homes.”
Pension Research Council, University of Pennsylvania