Final answer:
The Congress was slow to respond to the federal bailout package in 2008 due to a lack of understanding, urgency of the crisis, and concerns about effectiveness and fairness.
Step-by-step explanation:
The Congress was slow to respond to the federal bailout package in 2008 due to a combination of factors. Firstly, there was a lack of understanding of the complex financial system and the potential consequences of inaction. Additionally, the urgency of the crisis and the pressure of the upcoming election season created a sense of panic and uncertainty. Finally, there were concerns about the effectiveness and fairness of the bailout, with some people resenting the rescue of wealthy institutions at the expense of ordinary citizens.