[IWE] Rescue bill hashed out
Jay Mehaffey
iwe@warhead.org.uk
Sun, 28 Sep 2008 21:26:50 -0700 (PDT)
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http://money.cnn.com/2008/09/28/news/economy/Sunday_talks_bailout/index.htm?cnn=yes
>The federal government would put up as much as $700 billion in a
far-reaching
>plan to rescue the nation's troubled financial system,
according to a bill
>unveiled by lawmakers on Sunday. House
Speaker Nancy Pelosi, D-Calif.,
>said she hopes the House will take up
the bill on Monday. Sen. Majority
>Leader Harry Reid, D-Nev., said he
believes the Senate can move on the
>legislation by Wednesday..
I don't particularly like this bill. The oversight places to much power in the wrong
hands, and the section regarding helping home owners has no teeth. The only
thing they did right is not give the bail out a blank check. The money is sent in
stages, so Congress can easily cut off the money if the plan turns out useless.
But I'm going to want to see more detail before passing final judgment. It
might be workable if the details are better balanced then this article suggests.
Jay
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<html><head><style type="text/css"><!-- DIV {margin:0px;} --></style></head><body><div style="font-family:times new roman,new york,times,serif;font-size:12pt"><div>http://money.cnn.com/2008/09/28/news/economy/Sunday_talks_bailout/index.htm?cnn=yes<br>>The federal government would put up as much as $700 billion in a
far-reaching<br>>plan to rescue the nation's troubled financial system,
according to a bill<br>>unveiled by lawmakers on Sunday. House
Speaker Nancy Pelosi, D-Calif.,<br>>said she hopes the House will take up
the bill on Monday. Sen. Majority<br>>Leader Harry Reid, D-Nev., said he
believes the Senate can move on the<br>>legislation by Wednesday..<br><br>I don't particularly like this bill. The oversight places to much power in the wrong<br>hands, and the section regarding helping home owners has no teeth. The only<br>thing they did right is not give the bail out a blank check. The money is sent in <br>stages, so Congress can easily cut off the money if the plan turns out useless.<br><br>But I'm going to want to see more detail before passing final judgment. It<br>might be workable if the details are better balanced then this article suggests.<br><br>Jay<br><br></div></div><br>
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