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The U.S. Senate on Wednesday night overwhelmingly passed what will go down in economic history as the banker bailout bill.
While the world awaits reaction from the House of Representatives, Libertarian Presidential Candidate Bob Barr isn’t keeping silent.
In fact, Barr has launched a verbal attack against Sen. John McCain, often referred to as a maverick in Washington, for voting “yes” for the bill.
In a bold move to build confidence during a shaky economy, the National Taxypayers Union (NTU) has just released a study that concludes Libertarian Bob Barr is the most fiscally responsible candidate running for president. The study determined that a Barr presidency would cut federal spending by a whopping $200.9 billion.
"This study just goes to show that both Republicans and Democrats will only add more to our already sky-rocketing debt," Barr said in reaction to the study. "On Election Day, voters can choose John McCain's big government, Barack Obama's bigger government, or Bob Barr's smaller government."
The NTU study also found that Sen. John McCain would raise federal spending by nearly $100 billion, compared with Sen. Barack Obama's plans that would raise spending by almost $300 billion.
Another bailout, another few billion dollars.
The House on Wednesday approved a $14 billion bailout plan for U.S automakers after the White House and Democratic leaders finalized a deal empowering a government “car czar” to force the companies into bankruptcy if they don’t restructure by next spring.
Supporters, including administration officials, Democratic congressional leaders and many independent economists, warned that hundreds of thousands of jobs could be lost and hundreds of related businesses damaged or destroyed if one or more of the U.S. automakers failed.
America’s job creators offered the Obama administration’s economic plans another resounding vote of “no confidence.” Stocks are again plunging as President Barack Obama signaled a refusal to change the failed big-spending, big-government policies responsible for the current economic stagnation.
When markets opened after the biggest Election Day in presidential history, the S&P 500 tumbled 52.98 points, or 5.3 percent while the Dow retreated 486.01, or 5.1 percent. The Russell 2000 Index of small U.S. companies fell 5.7 percent to 514.64. The MSCI World Index of 23 developed markets decreased 2.5 percent to 982.98. The stock market declined again after Obama's State of the Union address.
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