Bank Bailout Fails: Lubbock Investment Advice
By: Danielle Todesco
Updated: September 29, 2008
The controversial 700 billion dollar bank bailout plan failed in congress Monday. But what does this mean for you?
Stocks plummeted lower than ever after the bill didn't pass. Now several folks around Lubbock are worried about their own investments, wondering if another version of the bill will be easier to accept. Revisions had already been made to the bill right before the vote, but it still wasn't pleasing Democrats and Republicans alike.
Financial advisor Amy Williams says congress needs to pass a bailout bill and we won't need to worry about their long-term investments.
"This is a short term situation. It's pretty much agreed that once there's some sort of legislation that this crisis will go away and work itself out. So, why make these radical short term moves when we're trying to address longer-term issues like college-planning and retirement?," said Williams.
President Bush said he planned on meeting with lawmakers Monday afternoon to discuss revisions.
