Earlier, some members of congress wanted to give money to bail out these companies like lenders and banks. Common sense would tell you that this is not the way to fix the economy.
The republican candidate wants to tax the middle and lower class because he wants to please big business however he doesn't realize that taxing the little guy means that people who put the most money into the economy won't have enough to put in and the economy suffers.
The democaratic candidate wants to tax the rich. This makes more since because the rich have money and can pay the taxes. The top 1% of richest Americans control how much of america's wealth? A lot. The downside is that companies are greedy and they will raise their prices or cut workers to offset their taxes.
What should we do? In my unprofessional opinion, take that $700 billion bailout plan, and give that money to the consumer and not the company. Say every working American gets $5000 dollars. Married couples get $10,000 dollars. They can take that money and get out of credit card dept, pay off a morgage, pay for school, purchase a car. This would help not only our banks and morgage companies but also the automobile industry and students. This functions like that $300 booster that bush tired, only, this will actually make an impact. The downside though is inflation. Lots of inflation. Greedy companies will raise their prices because they figure that people will have money to spend.
The economy needs you. Start spending. Don't spend money you don't have of course but put something in. Buy stock (which is really cheap right now) and stay in it for long term. Lets say for example GM. Its price for stock is the lowest its ever been in 50 years. Buy now and when things start to get better (maybe a year, maybe longer) you'll have helped the economy to stop its downward trend and hopefully put it on the road to recovery.