does anyone else read this BBC Q&A
What is the Treasury planning to do?The Treasury is asking for unlimited authority to purchase these "troubled assets" in order to remove the "illiquid mortgage assets" that are clogging the financial markets.
It wants wide authority to purchase any "residential and commercial mortgage-related assets, which may include mortgage-backed securities and whole loans".
It also wants authority to purchase "any other assets as deemed necessary to stabilize the financial system" after consultation with the chairman of the Federal Reserve.
And it wants complete discretion to determine the timing and scale of any purchase, only subject to the total spending cap of $700bn.
unquote (and bolding mine)
and flashback to Senator Palpatine twisting things to get 'emergency powers'? Down to tricking Jar Jar/Bush to back it? They don't look much alike tho...so maybe I'm just the SW nerd. Same nose...different cleft chin. The pre-emperor has better hair.
Mrs G has a good post that pretty much reflects my opinion (hey, everyone else is blogging about it, yes?) What makes me most angry is that Paulson states the REASON behind the need for a bailout. Without it, people (business and private) who can't afford debt, will have to work harder to obtain debt. What?! Dh busts his butt, and we buy only what we can afford...it's not LUCK. It's planning. Hello Dave Ramsey!