US Economic Bailout Progress: A real progress or a failed attempt.

There were supporters as well as critics of the bailout package today. The House Financial Services Committee held a hearing to examine how the stabilization Act of 2008 is being implemented, as well as what progress has been made. Henry Paulson (Treasury Secretary) stresses out that the bulk of the U.S. banking industry is healthy" and outlined the steps the Federal Deposit Insurance Corp. is taking to strengthen small banks and to minimize foreclosures. ". In addition he mentioned that the package is “about restoring confidence”. However consumer spending fell, economic situation is not yet even getting close to be stable, and one of the problems, as I have mentioned before is confidence, what cant be bought in the short run through injection of money (e.g. Russia 6 bn $ and the currency still devaluated). There are also other watchers of the market, like Economist Alan Blinder, who was less optimistic and noted that the way in which the money were allocated in what he says is "sharp deviation from congressional intent."