Although the $700 billion economic bailout was passed Friday within a week of debate, it may take longer before the economy feels its effects.
The country’s recession will probably last between about nine months and a year, Denslow said. Without the bailout, it would probably have lasted at least two years.
Denslow said the 778–point drop in the stock market Monday following the House’s denial was a wake–up call that helped to change many Congressmen’s minds.
“It’s becoming clearer that we are in a recession,” he said.