Microsoft Presses Congress to Reconsider Bailout

The U.S. House of Representatives shocked the world earlier this week when it rejected a proposed $700 billion bailout bill that could have saved Wall Street from what some worry-warts believe could be the next Great Depression. Now, a new critic is shaking its head at Congress: Microsoft.

Few have been able to escape news of the bailout's rejection, with the media in just about every circle speculating that the result could be the kind of recession few have ever seen before. It has changed the dynamics of the current election for many; does either John McCain or Barack Obama have the foresight (or perhaps, arrogance) to launch something like FDR's New Deal, should such a recession occur?

Software giant Microsoft believes Congress can stop the bleeding long before anyone has to worry about radical economic policies. The Redmond-based company believes a revised plan can save the same global markets that plummeted shortly after Congress killed the bailout on Monday. (Source: theglobeandmail.com)

So, what is Microsoft doing about it?

After its own shares slipped almost nine per cent on Monday, Microsoft immediately issued a message to both the Washington State congressional delegation and the Seattle business community in hopes of reviving the bailout.  Both represent powerful partners in lobbying Congress to reconsider the already rejected bill, or to consider an entirely new one.

Shortly afterwards, CEO Steve Ballmer (who not so long ago argued that Microsoft and the tech industry could easily survive a recession) told Reuters how the bailout rejection could hurt Microsoft: "We have a lot of business with the corporate sector as well as with the consumer sector and whatever happens economically will certainly effect [sic] itself on Microsoft. I think one has to anticipate that no company is immune to these issues." (Source: arstechnica.com)

Just how serious is Congress' rejection? Apparently, serious enough to rouse a sleeping giant. Microsoft has never before supported a piece of banking legislation.