My Blogosphere Comments and Writing

It is NOT $700 Billion!

Take a look at this LOS ANGELES TIMES story...

Here's the relevant paragraph:

"The only limitations would be that Treasury's stock of troubled assets could not total more than $700 billion at any one time, that the buying program would end after two years, and that Paulson or his successor would regularly report to Congress. Moreover, though the proposal says Treasury's new authority would expire after two years, the history of past grants of emergency power suggests that Congress finds it hard not to renew them."

So, if HANK PAULSON has $700 billion to spend on day one of this legislation, and spends it all in one day, then he gets ANOTHER $700 billion on day two!

Please tell me I have MISUNDERSTOOD what you read above.

Here's the text of the Hank Paulson Bailout Plan:

http://www.nytimes.com/2008/09/21/business/21draftcnd.html?ref=business&pagewanted=print

This UNIVERSAL ECONOMIC CARE plan could turn out to be very costly.

Are you also MAD AS HELL, and not gonna take it anymore?

FAST, CHEAP AND OUT OF CONTROL - September 23, 2008 08:31 AM EDT