$700 billion dollar bailout has passed…
This afternoon, within the last hour or so, the much debated financial bailout bill which failed to pass the house by 12 votes on Monday, was signed by the president George W. Bush. The financial fallout on Wall Street after Mondays defeat (DOW loosing almost 800 points) combined with the tightening of the credit market seems to have given many representatives pause and brought them back to the table to put something into action. The DOW continues to fall however, currently almost 158 points down for the day. Investors still unclear where exactly we go from here.
The issue now remains to see exactly how much and how quickly this plan will grease the wheels and get things moving again. Hopefully this will be the catalyst or tipping point for things to begin levling out and restore consumer confidence, bring buyers down off the fence. I remain optimistic that the second quarter of 2009 (here in the Treasure Valley at least) will see a marked improvement for the housing market.
