Where is Paulson now in the new bill?
On Sept. 28: "The draft legislation, which will be put to a House vote on Monday, gives Treasury Secretary Henry M. Paulson Jr. and his successor extraordinary power to decide how the $700 billion bailout fund is spent. For example, if he thinks it wise, he may buy not only mortgages and mortgage-backed securities, but any other financial instrument. . . Rarely if ever has one man had such broad authority to spend government money as he sees fit, with no rules requiring him to seek out the lowest possible price for assets being purchased." NYT hereThis is the scariest part of the bailout. Haven't heard a thing today about him. We don't even know who will be in this position come January. Hey--could be Barney Frank! Fannie, Freddie and Frankie.
Text of the EMERGENCY ECONOMIC STABILIZATION bill--it's huge. It should be a requirement that no one is allowed to vote who hasn't read the bill.
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4 comments:
Other than 500 more pages, it's not that different. I'm not the least bit impressed that it is getting bipartisan support--these are the same losers who created the mess. Of course they are going to CYA and say this is the best we can do. Temporary like the WWII phone taxes.
Murray sez:
This is a classic example of government not listening to it's people. The people say no to the bailout but our government will cram it down our throats along with a boatload of pork. They used scare tactics and emphasized urgency to push a lousy bill. The urgency wasn't so great that they couldn't take time to load it up with pork. Democracy is over in the United States! The majority no longer rule. Now the elections are meaningless.
Murray--you know I hate to agree with you, but I think you're right. I couldn't believe the list of pork. I thought this was about the poor working guy who was losing his home and not more gimme votes for Congress.
Murray sez:
What do you mean you "think" I'm right? LOL You should feel good that you and one of your readers agree on something since you've been kinda hammered lately. By the way, you should have known the pork load was going to be heavy since I put that into one of my daily e-mails last week!
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