Saturday, October 4, 2008
US CONGRESS APPROVES $700 Billion BAILOUT
Albuquerque Balloon Festival
So the US Congress finally blinked and averted a world economic crisis by backing the Bush $700 Bn.rescue package for US Banks. On Monday the US Congress rebelled against the plan due to partisan squabbling between Republicans and Democrats - in marked contrast to the UK where David Cameron and Conservative MPs cooperated with the Labour Government over the UK banking crisis.
Tonight my brother Martin, who lives in the US, sent me these photographs of the Albuquerque Balloon Festival - the largest in the world. This seems appropriate after a week in which the amazing shenanigans of US politicians with their 'heads in the clouds' came close to causing the collapse of the world economy.
The credit crunch will bite us all hard. There was a ray of hope tonight when UK petrol prices fell 5 pence to 105 p per litre - but probably not for long, hence the long queues at petrol stations!