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Sunday, September 21, 2008

There's something rotten here 

There is something wrong with Paulson's bailout package.
Otherwise, why are they in such a panic to get it passed?
Instead of meeting directly with legislators and bankers,
Paulson made the rounds of the television talk shows to stress the need for speed in getting the bailout package approved.
Talk shows? Who is he trying to scare?
But maybe this is the reason why the Republicans want to assemble this deal so quickly:
Democrats said they understood the need for urgency but insisted that the measure needed to provide help for homeowners threatened with losing their homes, perhaps by changes in bankruptcy laws to allow for mortgages to be modified, and by capping pay and benefit packages for executives at the huge Wall Street firms that will be selling their bad debt to the government.
"I don't want the American taxpayer to get this bad debt and then the guy (whose company once held the bad loans) gets millions of dollars on his way out the door," said House Financial Services Chairman Barney Frank, D-Mass.
Darn, got it in one, Barney!

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