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senate approves bailout bill

As reported Yesterday night the Senate passed the HR 1424 economic stabilization act. The Bailout Bill which was approved by a majority vote of 75-24 in the senate last night was loaded up with additional measures. It is believed that many of these pork laden measures were designed to put pressure on the House to pass this bill as many of the measures were very popular measures to those who had initially voted against the bill in the first place.

senate vote bailout

As expected the United States Senate passed the Bailout Bill this evening.  The bill passed with a favorable 74 – 25 vote.  Hopefully, with this new measure pass the stock market should rally tomorrow and begin a turnaround to an otherwise woeful beginning to the 4th Quarter.

This bailout bill will not solve all the problems related to the credit crisis that many are facing but it should be able to add some relief to some already unstable financial institutions.