Call your reps and tell them not to vote for it!
http://money.cnn.com/2008/09/25/news/economy/deal_reached/index.htm?postversion=2008092513&eref=rss_topstories
The "collapse" we are talking about is described nicely in this article:
"
Both parties and both houses agreed Thursday to a set of principles on revisions to the rescue plan, which calls for the Treasury Department to buy up bad mortgage securities from banks in an effort to get them to lend again."
The fear mongers in Washington and the media are trying to sell this as though suddenly our paychecks will bounce next Friday or we suddenly won't be able to buy bread if we don't pass this. So, let's get this straight, what we are "saving" is the banks willingness to keep the easy money rolling, which is what got us here to begin with. If banks stop lending money:
1) Some people will not be able to get credit
2) Those that can get credit will pay more for it (gentle upwards pressure on rates)
3) As interest rates go up, more banks will be willing lend money at the higher rates.
4) More banks lending at the going rates provides gentle downward pressure on rates.
5) Real estate prices stabalize, rates stabalize, Life Goes On.
I can't even believe this is actually going to happen.
