U.S. Congress gets $700 billion financial bailout plan

September 20, 2008 by · Leave a Comment
Filed under: Legal News 

Well one of the largest bailout plans ever made is now in the hands of our representatives.  In the press release it has a couple interesting points I will highlight before you dig into it.  I finally found a couple of it online and I am going to post it next.  First off it the fact that the U.S. public debt will be increased to $11.315 trillion from $10.615 trillion.  Second which is really interesting that this would even be in this bill was this statement “Decisions by the treasury secretary related to the buyback program could not be reviewed by any court.”  I guess our leader are infallible and are above any real scrutiny.  I am not debating the situation is dire and time sensitive but I do not think we are taking to right course of action to set the right precedent.

News Release:

The Bush administration on Saturday sent a $700 billion financial markets rescue plan to Congress where Democrats immediately questioned its impact not only on Wall Street, but on homeowners and taxpayers as well.

The plan to move toxic mortgage-related debt off the balance sheets of U.S. banks and other institutions, and into a massive government portfolio, represents an all-out attack on the worst financial crisis since the Great Depression.

Under authority sought by the U.S. Treasury Department, the government could purchase as much as $700 billion in mortgage-related assets from U.S.-headquartered institutions.

Decisions by the treasury secretary related to the buyback program could not be reviewed by any court, according to a copy of the department’s draft legislation obtained by Reuters.

In a related move, the U.S. government’s debt limit would be raised to $11.315 trillion from $10.615 trillion.

Congressional leaders have promised swift action on the bailout package but many details are still to be worked out.

New York Democratic Sen. Charles Schumer, chairman of Congress’ Joint Economic Committee, said the plan is a good start. “But it includes no visible protection for taxpayers or homeowners. We look forward to talking to Treasury to see what, if anything, they have in mind in these two areas,” he said.

Click Here to Continue Reading

Speak Your Mind

Tell us what you're thinking...
and oh, if you want a pic to show with your comment, go get a gravatar!