Treasury Delays Bank Bailout

In the article “Treasury delays bank bailout announcement” http://www.reuters.com/article/newsOne/idUSTRE5160AM20090209, it is stated that the reason the Treasury has to delay the President’s bank bailout plan is because of the debate in the Senate about the “Stimulus Plan.” Both sides say they believe they have the best path to go down. In the past years, tax cuts have been implemented to stimulate the economy, and the economy continued to tumble. Those who support this are the ones who lost in the last election, and who, in my opinion, are resentful of losing. They are the ones who said the economy was strong, as tens of thousands of Americans lost their jobs and their homes. History has shown that tax cuts do not stimulate the economy. The banks need to lend money on “good” loans. There are those who think the banks should take the hit for what has happened. The problem is that if they take too big a hit, everyone suffers. It is true the new tools that the current administration is proposing have not been tried before, but we need something new to get us out of our current situation. Every day delayed is a day that we go further into the recession.