Darryl emailed me this, and I think its about all I have in me to post tonight.
This article goes into some of the 'hidden gems' of the bailout: http://tinyurl.com/4xsona
'The Bill' can be found here: http://thomas.loc.gov/home/
To give some flavor I will provide a quote:
"Section 115 of the law says that the administration can, after notifying Congress and waiting 15 days, purchase and hold $700 billion of assets "at any one time." (It can buy and hold $350 billion without waiting.)
This, too, is a potential loophole. It permits the Treasury Department to buy up, say, $700 billion in 2008, sell those assets off gradually over the next year at a (probable) loss, and repeat the same process in 2009. Losses to taxpayers, in other words, could exceed $700 billion. Although the Treasury Department is instructed to try to avoid losses, the text of the law does not forbid that scenario."
We cannot sit idly, when it is time to stand.
I urge you to vote against incumbency in November.
3 comments:
I dunno if you listen to NPR at all, but one of their shows called This American Life did a great show today on the bailout. I listened to it while I was doing math homework. That's like double numbers.
http://www.thisamericanlife.org/
You can download a mp3 of the show, it on their website for just this week. It's an hour long, but worth it
especially interesting was when they compared the paulson plan--giving 700 billion to banks for their bad assets, with the stock injection plan--where taxpayers become stockholders and get to fire all the CEOs, like what happened with AIG
Yeah that was a good show, thanks. I'd pay off your cards quick and stock up on food, this ain't no Y2K.
The "stock injection" plan does smell like socialism, but on the other hand it's exactly what Warren Buffet has been doing lately and it sure seems like a better idea.
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