Since he's changing the game plan, it is going back through congress for approval right?......RIGHT?!!?? I mean, it's not possible to totally change a bill after it has been approved, is it?
So after we're told we're not to know who is getting the money, we're now told they're not using it for what was intended. Oh! And let's not forget the $140 billion tax windfall the banks quietly got by Paulson changing the corporate tax code while we are all looking the other way. Nice
What, with $700,000,000,000 here, $140,000,000,000 there, $125,000,000,000 wherever, and $2,000,000,000,000 over yonder, pretty soon we'll be talking real money.
capitalism in action. money begets more money. once more proving that lobbyists are worth their weight in gold.
Well in just a little over 2 months Paulson can be back at one of the banks he is giving money to. Would he dare do this?
the law didn't specify in enough detail. this change of plan is perfectly fine under any plain reading of the congressional mandate for the treasury.
If congress had stuck to something closer to the original bill, this change of plans could not happen without further congressional approval. Lucky for us (and yes I am being sarcastic) congress had to tinker and raise all of these other issues, which made the bill a lot worse. If we had just bought all of this toxic debt as originally planned, then we would own all of the mortgages and could renegotiate the bad ones. That would have provided benefits to both the financial markets and to troubled homeowners.
^Congress gave Paulson more discretionary power in the revision. It's not Congress that is changing course and admitting that he doesn't know what's going on right now.
I agree. Congress should not have given Paulson this power. His power should have been limited to buying the toxic debt. In fact, Paulson did not ask for this power; he just asked for the power to buy. My complaint about Congress is that because of all the grand standing and adding of provisions "to protect the taxpayers," congress has done nothing but hurt the taxpayers. One of the complaints about the original bill requested by Paulson was that it gave him too much power. Congress corrected that problem by giving him even more power.
So, what about that oversight? I guess since things had to be done NOW! Paulie just didn't have time...
It's DHS and Katrina all over again! To hell with oversight and accountability and a plan! THROW MONEY AT THE PROBLEM!
DHS? Sorry if this is a stupid question. The bailout was always an attempt to throw money at the problem, and they were just so desperate to look like they were trying.
