They gutted the bill. Congress reduced the real bailout package to $250B and turned the rest into pet projects. That's not enough. Start buying precious metals -- the dollar is about to collapse.
Barring a time machine to assassinate Andy Cuomo in the early 90s, or kick Dodd out of office before 2002, I wanted to see the full $700B given to Paulson, no strings attached. It had a chance of freeing up credit. Mind you, I'm usually a proponent of the free market. $700B without oversight was a last-ditch effort to save it. (And one backed by the Democrats, btw -- it was Boehner that killed it.)
The Fed just made a temporary end run around Congress and tossed in $150B in 84-day loans, which may keep a couple of banks alive for the rest of the day, but things are on very shaky ground now.
The DJI doesn't even show how bad it's going to get. Do you know how hard it is to get credit right now? Small businesses can't get bridge loans to make payroll. I know a guy who was just turned down for a $10K home improvement loan. *He owns his freaking house*. Once the credit crunch hits the real world, unemployment is going to double. At least.
$700B to buy up the $454B in toxic debt outright with no conditions (plus, bail out FDIC, which is also out of money) would have at least kept money moving. What's going to happen when RBS and UBS tank this week because their investments in the U.S. have become lower than worthless? It's gonna be a hell of a ride.
A friend of mine who had a 4.0 GPA in Computer Science/Mathematics can't get a FAFSA loan to go back to school. It's so sad. He's soooo intelligent but too poor to go to school. When I was in college, getting a FAFSA loan was as easy as going to Burger King and getting an order of fries.
I'm okay with the hefty price tag, but no strings attached?
Without oversight and accountability, Paulson would just give it all to his friends (indirectly of course), and not place nearly enough of it strategically where it matters. As much as I agree with you that a great big giant bailout needs to happen, you simply can't put somebody in charge of $700 billion dollars without any conditions. The money doesn't do anybody any good in the wrong hands.
The Fed just made a temporary end run around Congress and tossed in $150B in 84-day loans, which may keep a couple of banks alive for the rest of the day, but things are on very shaky ground now.
The DJI doesn't even show how bad it's going to get. Do you know how hard it is to get credit right now? Small businesses can't get bridge loans to make payroll. I know a guy who was just turned down for a $10K home improvement loan. *He owns his freaking house*. Once the credit crunch hits the real world, unemployment is going to double. At least.
$700B to buy up the $454B in toxic debt outright with no conditions (plus, bail out FDIC, which is also out of money) would have at least kept money moving. What's going to happen when RBS and UBS tank this week because their investments in the U.S. have become lower than worthless? It's gonna be a hell of a ride.
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Without oversight and accountability, Paulson would just give it all to his friends (indirectly of course), and not place nearly enough of it strategically where it matters. As much as I agree with you that a great big giant bailout needs to happen, you simply can't put somebody in charge of $700 billion dollars without any conditions. The money doesn't do anybody any good in the wrong hands.
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