Do you think it would hurt the U.S. economy if we let the financial banks fail

I was just skimming through an article on yahoo, and it looks like congress came up with a plan of action for this bailout. They call it a rescue, but I still call it a bail. In the end, it seems as if Ol' King Henry has gotten his wish after all... that is of course, with a few restrictions.

Yes, the bailout IS going to be passed. Instead of posting a long droning article on the goods, I'll list the key points and then link you to the article. Overall, I am very disappointed at this agreement.

• The plan calls for the Treasury Department to buy deeply distressed mortgage-backed securities and other bad debts held by banks and other investors. The money should help troubled lenders make new loans and keep credit lines open. The government would later try to sell the discounted loan packages at the best possible price

• At the insistence of House Republicans, some money would be devoted to a program that would encourage holders of distressed mortgage-backed securities to keep them and buy government insurance to cover defaults

• To help struggling homeowners, the plan requires the government to try renegotiating the bad mortgages it acquires with the aim of lowering borrowers' monthly payments so they can keep their homes.

• Also, the government would receive stock warrants in return for the bailout relief, giving taxpayers a chance to share in financial companies' future profits.

Here is something that caught my eye from the article which had my stomach in knots. (below)

"Money for the rescue plan would be phased in, he said. The first $350 billion would be available as soon as the president requested it. Congress could try to block later amounts if it believed the program was not working. The president could veto such a move, however, requiring extra large margins in the House and Senate to override."

So that basically means that Congress has the authority to stop payments if the rescue plan proved to be faulty. Even still, the President can stop that from happening. So even if this plan is a total disaster, the Executive branch still has the upper hand. So much for checks and balances.

Seriously, I want to know what you think. Do you think these institutions should deserve a bailout. Do you really think that if we let these banks fail, we let the economy fail. Can't we just let them fail? Why take on a risk of risky business. I'd love to hear your comments. It will help me gain some perspective on this matter.

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I could not resist

...but I had to share this HILARIOUS video. As many of you might guess, I'm Indian. Although I am Indian, I really cannot speak my native language fluently. My native tounge is Hindi and Gujatri. As you know, India has over a thousand dialects. If you've watched in Indian movie, then you're pretty aware that its common that in the middle of the movie, the actors break out into song and dance in the middle of a poppy field.

This video is from a South Indian Movie. This is what us English Speakers hear, and trust me, it is too funny to keep to myself :)

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Remembering Paul Newman

"I'd like to be remembered as a guy who tried - who tried to be part of his times, tried to help people communicate with one another, tried to find some decency in his own life, tried to extend himself as a human being. Someone who isn't complacent, who doesn't cop out." Paul Newman

When a legendary actor passes away, a small part of Hollywood dies too. On September 27th, 2008, Paul Newman passed away at the age of 83 from cancer. Considered to be perhaps one of the greatest actor of the 20th century, Newman has acted in over 65 movies for more than 5o years. Even as he grew older, he still carried his presence with energy, charm, and confidence.

Newman was more than just an actor, he was one of the most important actors that defined his generation. He was an actor, film director, entrepreneur, humanitarian, and an auto racing enthusiast.

Today is certainly a sad day for Hollywood and Newman Fans alike.

To read an in depth article here

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