Effects of the Bailout...Where Are We Now?

Michele Bachmann | October 27, 2008 5:02 PM

Last Thursday, the Washington Times published an op-ed I wrote about the effects of the $700 billion bailout bill passed by Congress a few weeks back.

Whether you agree or not that the bailout bill was the way to go, there are many issues that still need to be addressed to get our economy back on track. For instance, the bill did nothing to address the underlying problem affecting our economy, and that's the credit crunch.

I hope you'll take a few minutes and give it a read.

"Recently, in a series of incredibly bold moves over the course of a week, the Federal Reserve and U.S. Treasury took historic steps to intervene in the American economy. And, the American public barely batted an eye.

"First, the Fed took the nearly unprecedented step of buying up unsecured debt. While the Fed hasn't announced how much commercial paper it would buy through this program, it did say it would be "substantial" and that $1.3 trillion of the $1.75 trillion in outstanding commercial paper comes from eligible issuers."

Read the full op-ed