Looks like the debate will go on in earnest. I heard a little while back that the bailout failed to clear the House. My view is that unless the bill contains clear provisions for the taxpayer to get some money back, unless there are clear provisions for a sane re-purchase price of distressed assets from banks eager to unload their toxicity and unless there are clear rules to limit CEO pay, we will be in limboland for some time. Just my view, but a lot of these lawmakers are going home to get re-elected in a couple of months and it will be the little taxpayer that they will be meeting there. And judging from reactions online and off, the taxpayer does not like what they see - a clear bailout with little to no regulation or oversight...
“A huge cow patty with a marshmallow in the middle of it.” – Rep. Paul Broun’s (R-Ga.) description of the bailout plan. (From Politico)
I guess this is the cue for Mr. McCain to again dramatically suspend his campaign and then - dramatically do nothing...
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I feel frightened about what will happen next but I'm glad (I think!) that Congress voted down this bill. It gave too much power to too few people. There are better ways of dealing with this crisis, I just hope those idiots figure it out really soon.
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