The details of it are here.
It adds alot of pork (the fucking Senators just can’t help themselves).
It adds economic changes that are extraneous to the the bailout’s short-term goal.
Most importantly, it still is based around the purchase from the banks of the complex securities that cannot be reasonable valued in any way thus putting the risk/burden on the US taxpayers and away from the bad actos.
It does need to be this way. Other options exist.
The Senate should vote against this bailout version. If passed, the House should vote against it.
All US citizens should vote against any incumbents supporting this crap.
This time of crises is an opportunity for real leader-heroes to emerge in the U.S. Congress and do the right thing. I fear the U.S. Congress will be found wanting.
Update: I didn’t realize the vote was last night. It passed.
I think Sen. Reid may be trying the Jedi Mind
trick against the Citizens of the USA
Filed under: Business, Economics, Public Policy
So facing an unpopular and wasteful spending bill, the Senate’s reaction was to make it even more expensive.
What do you think of the Soros plan?
I like the Soros plan. I started typing up a longer reply but it is turning into a post. I’ll post the touched up version later this evening.
My comment on the Soros plan is here:
http://purpleslog.wordpress.com/2008/10/02/on-the-bailout-part-7-the-george-soros-plan-hint-i-like-it/