(Getty | Chip Somodevilla | Used Without Permission)
anything that comes out of the meatgrinder that is congress will be as worthless to remedy the problem as the credit derivative contracts themselves
i'd vote no on anything that comes out, it will cost more than you can imagine, won't fix the problem at hand, and cause more issues that will only need to be fixed later (see 9/11, iraq, katrina, etc)
and more on the bailout figure
they pulled the $700,000,000,000 number out of their ass, it has no meaning
“It’s not based on any particular data point, we just wanted to choose a really large number.”
and more on the bailout in general
for those with issues of the post title linked above, his words are less obscene than their actions, understand the difference of the two, and which affects you more
arthur's link from here:
bean voted for it [and the 2nd time also]
i will be submitting my write-in declaration for IL-08 hopefully sometime this week
the ultimate deal killer from the bill:
Section 122. Increase in the Statutory Limit on the Public Debt.
Raises the debt ceiling from $10 trillion to $11.3 trillion.
Two weeks after persuading Congress to let it spend $700 billion to buy distressed securities tied to mortgages, the Bush administration has put that idea aside in favor of a new approach that would have the government inject capital directly into the nation’s banks — in effect, partially nationalizing the industry.
As recently as Sept. 23, senior officials had publicly derided proposals by Democrats to have the government take ownership stakes in banks.
The Treasury Department’s surprising turnaround on the issue of buying stock in banks, which has now become its primary focus, has raised questions about whether the administration squandered valuable time in trying to sell Congress on a plan that officials had failed to think through in advance.
and yet again
Audit: Bailout Oversight Woefully Lacking
GAO Report Says There's No Way Of Knowing How Bailed Out Banks Are Spending Taxpayer Money
WASHINGTON, Dec. 2, 2008
no real need to read further
just sit back and watch