LIMITATION ON AUTHORITY.-- (1) IN GENERAL.--The Secretary may not purchase, or make any commitment to purchase, any troubled asset unless the Secretary receives contingent shares in the financial institution from which such assets are to be purchased equal in value to the purchase price of the assets to be purchased.
SEC. 3. FINDINGS. Before establishing a program under this Act, the Secretary shall make a finding that such program is necessary-- (1) to provide stability or preventing disruption to the financial markets or banking system; and (2) to protect the taxpayer.
Very serious stuff -- and a major challenge to Paulson's approach. Treasury should now be required to explain why this isn't a much, much better way to do this rescue. More when I'm not in a car, almost unable to read my screen.
More when I'm not in a car, almost unable to read my screen.
Right after he invented mud tablets, pointy sticks, and cuneiform.
Nothing like a good 400-point drop in the Dow to get Bush off his ass, eh? Conservatives want live babies so they can raise them to be dead soldiers. - George Carlin
Isn't there a hidden freakazoid downside lurking in the long grass?
I'd guess 'the markets have slumped' means that they'd rather drive off the cliff in a fit of petulance because this new deal includes oversight and responsibility than loot $700bn in free cash and crash the dollar later.
Decisions...
(shrug)
The Reps are getting blamed for this. It's their funeral.... Conservatives want live babies so they can raise them to be dead soldiers. - George Carlin
I'd guess Wall St will crash more tomorrow, the Paulson Putsch will be back on the table, and we'll see how much spine the Dems have.
Ain't gonna happen as she is writ.
