Wednesday, October 1, 2008

The Senate's Wall Street Bailout Bill

I have just now managed to download the Senate's proposed Wall Street BAILOUT BILL and am starting to was through it. My first question...how can Main Street America have a REAL CHANCE to evaluate this bill of over 400 pages BEFORE THE SENATE VOTES ON IT? Trust me folks, they are about to blow something up OUR COLLECTIVE ASSES.

My first bone of contention is the huge BAILOUT LOOP HOLE that would let Wall Street get rid of almost every BAD INVESTMENT they ever bought. It reads:

(B) any other financial instrument that the Secretary, after consultation with the Chairman of the Board of Governors of the Federal Reserve System, determines the purchase of which is necessary to promote financial market stability, but only upon transmittal of such determination, in writing, to the appropriate committees of Congress.


Read it carefully folks...ANY OTHER FINANCIAL INSTRUMENT! This is FAR WORSE THAN A BLANK CHECK.

More as I wade through this Screw Main Street Legislation.

No comments: