People really need to take the time to read up on a bill before they cheer about it failing. As much as it pains me to say this, WE NEED THIS BILL!
I don't think a lot of people realize the implications of the market going the direction it is. Business are not going to be able to cover daily and weekly expenses, banks are going to no longer be able to loan to companies or individuals and it will only get worse from there.
We can point fingers and cuss and argue about the cause and whom is to blame for this, but if we don't fix it now then we are all in trouble.
Perhaps something should be done to aid the market as the government is the cause of this current potential crisis. However, this bill is NOT a good solution.
I am an economist by training. I have even lectured on Financial Crises specifically.
This is not a crisis yet. Not by a long shot. It does, however have the potential to become a financial crisis. A little more financial aversion to risk will not be detrimental in the long run.
In the short run, this will hurt.
Having the government take over the financial system will hurt FAR MORE in the long run.
This is the nature of government, they offer short term solutions to long term problems...
It will be decidedly bad if we fall into a recession. We will not have another Great Depression unless the government decides to screw around and kill the economy like they did during the first one. (For those who don't know: FDR didn't save us from the depression, he turned it INTO the Great Depression. His policies were what prolonged the depression throughout the 1930's).