Monday, September 29, 2008

Just Say No

Now that the details of the bailout bill are before us, it is clear that the bill must be defeated. I'm no lawyer, but it appears to me that the Treasury Secretary is being given unecessarily broad discretion in the manner in which this bailout will be executed - far too much arbitrary authority to dispense $700 billion to his freiends and colleagues on Wall Street. The pricing of assets is entirely up to Paulson, as is the question of whether to take an equity stake (and how large a stake to take) to protect the interests of taxpayers.

Frankly, I am disappointed and astonished that this is what the labors of the past week have produced.

I have written my Senators and Representative to express my objections, but nothing about this process so far inspires confidence in Congress. Pelosi and Reid are simply useless.

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posted at 11:16:00 AM by Neil

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