Newest Outline of U.S. Congress’ draft bank bailout plan

September 27, 2008 by · 2 Comments
Filed under: Economic News 

Well as I have said I do not believe in this plan on a fundamental and precedent setting basis going forward. This is intervention plan and simple, interferes with the free-market and rewards companies for making bad decisions and instead buys their bad investments. This is corporate welfare and only rewards these companies in the end because these prices levels are unsustainable and the U.S. taxpayer is maxed out and will not be able to pay down all these mortgages. The recession will still happen because we have not address the real underling issues such are middle-class job creation, international trade imbalance not in favor of America, federal budget deficits and a debt based monetary system. If you don’t believe me then go about your business and watch and maybe magically all these things I stated will be solved or maybe will just go away.

New Outline of U.S. Congress’ draft bailout plan:

U.S. lawmakers pressed forward on Saturday with talks over a proposed massive financial system bailout, hoping to nail down an agreement by Sunday.

The Bush administration last week asked Congress to give the Treasury secretary authority to buy up to $700 billion in bad assets from banks and other companies in a bid to ease the most serious U.S. financial crisis since the Great Depression.

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