The U.S. Senate passed an economic bailout package Wednesday night — rescue bill, if you want to use the current vernacular — and the bill is now being debated in the House. There’s plenty of disagreement about whether the $700 billion deal is sufficient and is actually what’s needed to steady the American economy. It’s … Continue reading Earmarks even in emergency bailout — disgusting
In case you haven’t already looked it up for yourself, here’s the full text of the Paulson Plan as it was originally presented to Congress. $700 billion is a huge amount of money, but don’t fixate on that. Instead, check out the ironically numbered Section 8.
Fortunately, Congress chose not to accept this decree from King Henry (and King George, of course) as written, and the intense discussions of this past week have been the result. King Henry, indeed.
This plan is stunning in its brevity, considering it involves the expenditure of $700 billion of taxpayer money and a “temporary” $3 trillion increase in the national debt.
LEGISLATIVE PROPOSAL FOR TREASURY AUTHORITY TO PURCHASE MORTGAGE-RELATED ASSETS
Section 1. Short Title.
This Act may be cited as ____________________.
Sec. 2. Purchases of Mortgage-Related Assets.
(a) Authority to Purchase.–The Secretary is authorized to purchase, and to make and fund commitments to purchase, on such terms and conditions as determined by the Secretary, mortgage-related assets from any financial institution having its headquarters in the United States.
(b) Necessary Actions.–The Secretary is authorized to take such actions as the Secretary deems necessary to carry out the authorities in this Act, including, without limitation:
(1) appointing such employees as may be required to carry out the authorities in this Act and defining their duties;
(2) entering into contracts, including contracts for services authorized by section 3109 of title 5, United States Code, without regard to any other provision of law regarding public contracts;
(3) designating financial institutions as financial agents of the Government, and they shall perform all such reasonable duties related to this Act as financial agents of the Government as may be required of them;
Continue reading “Paulson’s Section 8 is most egregious flaw in his proposal”
It will come as no surprise to anyone that George Bush’s speech last night angered me. How dare he step in at the eleventh hour in this financial crisis and pull scare tactics on the American public! We didn’t create this problem. We have no vote on the bailout plan. We’ve been scared for months, … Continue reading Bailout: American taxpayers on the hook … again
Okay, that’s it. I can take a hint. I’m not superstitious. I don’t have any real phobias (avoiding snakes and very tall buildings is just common sense, not phobic). But this is getting freaky. I just heard about yet another fatal crane accident, this one a few hours ago in Oklahoma City. A spectator was … Continue reading Crane operator: America’s new most dangerous job?
In that tiny little part of my brain that vaguely understands economics, a theory arose today. There were reports flying around all day saying the FBI had been investigating possible fraud at the collapsed Indy MacBank. No real details. Just rather vague references. Aha, said my skeptical, economically challenged brain. The feds started the rumor … Continue reading FBI probe of Indy ‘MacBank’ just a rumor?
Once upon a time Consumer Reports magazine pointed out that one-pound coffee cans no longer contained 16 ounces of coffee. I don’t recall how many decades ago that was, but it raised in me an awareness that remains to this day. Manufacturers of all kinds of products are continuing to short-change the consumer with “short-sizing” … Continue reading Caution: manufacturers gouging you with ‘short-sizing’
