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What was at one point on Thursday a "sure thing" to be passed, the proposed $700 billion bailout proposed by President Bush ultimately was shot down leaving the quagmire the U.S. economy is in without resolution.  Democrats announced a new measure, a bailout to the tune of a mere $56 billion.  The proposal includes an extension of unemployment benefits and state assistance to pay for Medicaid.

Many believe, however, the proposed plan will stall in Congress leaving the economy with no "quick fix" solution.  One thing is for certain, Republicans and Democrats are working on coming to an agreement on a stimulus plan and it shouldn't be too long before we have one signed, sealed and delivered to the economy.

There has been ongoing talks of a second tax rebate plan as part of a separate stimulus plan not exactly related to the one being proposed now.  Neither Republicans nor Democrats have been eager to push the second one through to the President's desk, but one wonders if that plan's status shouldn't be elevated in importance.  Would another rebate check sent out to American's help with the financial stress this country is in?  Did the first one help, hinder or do nothing to fix or aid the economy?

A federal bailout is estimated at a whopping $700 billion.  In addition to potentially saving mortgage firms Fannie Mae and Freddie Mac, that money would be allocated to stabilizing the economy and preventing an apparent recession.  Democrats have called for the budget to be reduced. Federal Reserve Chairman Ben Bernanke, however, ensures that such an enormous amount is needed.

How would you spend such a large amount of our taxpayers' dollars?  Some say that amount would be better spent in universal healthcare or the federal government using it to forgive all student loan debt.  Let us know how you would spend the bailout money.

Wednesday came news that the U.S. government was set to bail out American International Group for the eye-widening tune of $85 billion.  American taxpayers may be wondering whether the government's new investment is well timed and wise or just plain stupid.  Time will tell, but many analysts believe the timing and strategy to bailout the financial giant will result in a good investment.

Stocks rebounded Tuesday after the biggest market drop since September 2001.  Rising more than 2 percent, many investors took solace when it was announced that interest rates were going to stay unchanged for the time being.

WOW!  What a difference a day makes!  AIG is a huge financial powerhouse virtually the world over.  Will this "timely" bailout garner the same positive results that the government saw back in 1979 when it netted a tidy $300 million profit after bailing Chrysler Motors out of a similiar financial mess?  Many are left wondering why the government saw it in its interests to agree to the AIG bailout but snub a similar salvation for Lehman Brothers.

What we do know is that the $85 billion agreement with AIG is for two years in exchange for the right to buy up to 80 percent of the company.  The key to AIG's successful payback of this huge loan is its ability to sell its assets.  Most analysts believe AIG will be able to liquidate and get the business back on track as a lean financial institution; which could net American taxpayers a tidy profit.

Shock waves went through the stock market on Monday after Lehman Brothers, an investment bank established before Lincoln was President, declared it had filed for bankruptcy.  The Lehman Brothers bankruptcy marks the nation's largest ever.

While many investors had seen the writing on the wall regarding the investment bank, it did little to quell the Dow Jones' slide into the red by more than 500 points, marking a more than 4 percent drop and its steepest point drop since 2001.

While not in as much trouble as Lehman Brothers, Merrill Lynch, in similar financial turmoil, has sought protection in the form of accepting a buy-out offer from Bank of America Corp.  In the words of Bank of America Chairman and CEO Ken Lewis, "It was an opportunity of a lifetime."

Some analysts suggest that thousands will eventually be laid off in the coming weeks as banks close around the country due to the Lehman Brothers' bankruptcy and the buyout of Merrill Lynch.

Some are asking why Lehman Brothers wasn't protected in the same manner as the government recently protected financial giants Fannie Mae and Freddie Mac.

According to an online survey of "America's Favorite Cities" by Travel + Leisure magazine, it's San Antonio, Texas that is the nation's best for the budget minded.  The poll showed San Antonio is the most affordable city.  The survey also found that Los Angeles was the most unfriendly city and Miami had the most beautiful residents.

Other cities took top honors in the survey, like Las Vegas and New Orleans for being the best cities to spend a weekend of fun in and Seattle, which contains the smartest residents.  Orlando, Florida came in first as the premier destination for family vacations, while Las Vegas came in last for the same category.

If you're not too interested in frugal living, watching beautiful people or planning your next family vacation, you might want to check out Santa Fe, N.M.  which was voted most peaceful city in America.

New Orleans Levees Hold! But What's Next For Returning Residents?

With Gustav delivering at best a glancing blow to New Orleans, residents in the thousands were immediately ready to come back home.  Minor flooding and a well executed evacuation plan by the state government mean that residents of New Orleans should be able to come back into the city in a matter of days, not weeks according to New Orleans Mayor, Ray Nagin.

Thousands will be without power for quite some time, but the city itself should be habitable after a sweep by government officials, police and a final check on the condition of levees by the Army Corps of Engineers.  Nagin called Gustav the "...maybe the mother-in-law or the ugly sister of all storms".

The Wall Street Journal has reported that Gustav wasn't as bad as they feared. Oil workers should quickly find their ways back to starting production again in the Gulf Coast after all the refineries were shut down in preparation for the hurricane.  With prices of oil expected to continue to decrease over the next few days, the analysis of the economic impact from damages due to the storm will be relatively minor in scale.  The well preparedness of everyone from citizens to state and federal government

How different will living and working conditions be when the residents are welcomed back into the Big Easy? Only time will tell, but all estimations are that this time the city will bounce back quickly and the local economy should rebound in time. 

From Yahoo Finance (http://finance.yahoo.com/real-estate/article/105629/The-World%27s-Most-Expensive-Streets) via CNNMoney.com comes news on the top 5 most-expensive real estate locales in the world.  Topping that list, as most probably expected, is good ol' New York itself. With monthly rent going for an  average of $1,500 a square foot it's easy to see that the U.S. mortgage crisis hasn't spilled over to the posh store fronts on New York's prime retail corridor, Fifth Avenue.  In fact, Fifth Avenue hit a record high this year. 

It appears that European tourists have been primarily responsible for keeping the uber expensive retail space from tarnishing and losing its luster.  I  wonder what, if anything, this means for the rest of the millions of rental spaces across the U.S.?  Is the fact that 5th Avenue continues to increase its value a good sign for the economy?  Or is shopping in New York's elite shops completely shielded from current and future U.S. economic crisis?

Feel free to weigh in.