Reuters: Key elements of Congress' bailout plan
-- Eligible assets include residential or commercial mortgages and related instruments which were originated or issued on or before March 14, 2008. Other financial instruments can be included in consultation with the Federal Reserve if Congress is notified.On or before March 14, 2008, wow.
Following the stock market we know that the merde hit the fan in January. It was very clear up to and prior to January 2008 that the bad mortgage credit had thrown sludge on Wall Street. So why does the bail out go as far as March.
Its saying to the banks and investment houses, you knew that the merde hit the fan, you continued with a disastrous lending practice anyhow knowing full well that it was bad, but you know what, that's ok we'll give you money anyhow.
- Treasury secretary given broad discretion to determine the methods for buying assets.Excuse me for a moment, there's oversight, but the treasury secretary also is given broad discretion in using the bail out money. This is like telling the teenager to do exactly what she wants to do, but you are going to watch her and make sure she doesn't do exactly what she wants to do. Is there a problem here?
- If the government has taken losses five years into the program, the Treasury Department will draft a plan to tax the companies that took part to recoup taxpayer losses.Five years from now! That would be the end of Obama's first term in office, how convenient. When the economy tanks even further in an Obama administration because Bush and company completely decimated the treasury and all of our collective assets are gone, a new president will start seeing revenue flow from the bail out in 2012. Now that is something Democrats in their endless stupidity need to sign onto.
2 comments:
Exactly! This is really a hurry up and bankrupt the Obama Admin. bill and the stupid ass Demojellyfish will sign out of fear as usual. The BV$Hiviks play these cowards like a cheap violin. The Establishment BIG Gov. Rethugs cooked this crap up because they see the hand writing on the wall. mcsame is going to lose so it's time to take the money and run. This is just another part of the ongoing "Shock doctrine" "shock and awe" policy of the neo-conmen right. Thanks, nancy and Harry for destroying Obama even before he gets in office. Plus, too top it off the hard right Populist wing of the Rethugs. will get to rail against this atrocity for the next 4 yrs. as they vote against it today. It's a TRAP walk away Dems walk away!!
I am beginning to lose my objectivity on this whole deal. I do know we are in for a prolonged rough haul. This thing has long legs.
I think most would prefer that the next president figures out how to deal with this mess because we don't want Bush's hand in it at all.
So, if it fails, well, its going to be interesting.
I think I may have to forget about retiring.
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