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10-02-2008, 04:55 AM | #1 | ||
Junior Member
Join Date: Apr 2007
Posts: 81
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Whats up with the bailout bill?
The current bailout bill went through the senate fairly quickly but may not be a good solution to the current crisis. It feels like the bill is being rushed through. There has been no debate on alternatives to expanding executive power, this case the Sec of Treasury, and authorizing him to throw money at the problem in whatever way he pleases. One of the more troubling parts of the bill is the definition of financial institution and troubled assets.
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So basically Paulson can buy any mortgage or security based on mortgages that he wants or any financial product that he and Bernanke deem necessary. Why can't Congress set up a model on the HOLC? Since the mortage backed securities are hard to value why couldn't we take care of the actual mortgages, preferable in a way that doesn't let either borrower or lender off the hook entirely, to avoid overpaying for mbs? If It seems like the current solution is likely to be taken advantage of by well connected people. |
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10-02-2008, 04:59 AM | #2 |
Demiurge
Join Date: Aug 2005
Posts: 36,367
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10-02-2008, 05:08 AM | #3 |
Junior Member
Join Date: Apr 2007
Posts: 81
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You're welcome
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10-02-2008, 05:14 AM | #4 |
Demiurge
Join Date: Aug 2005
Posts: 36,367
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If the rich fat cats don't stay rich, you and me will starve to death. That's what we have been sold.
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10-02-2008, 05:17 AM | #5 | |
Board Pinhead
Join Date: Jan 2006
Location: In the basement of my house, Murray, Utah.
Posts: 15,941
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Nobody really ever gets rich working for someone else.
__________________
"The beauty of baseball is not having to explain it." - Chuck Shriver "This is now the joke that stupid people laugh at." - Christopher Hitchens on IQ jokes about GWB. |
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10-02-2008, 05:28 AM | #6 |
Demiurge
Join Date: Aug 2005
Posts: 36,367
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10-02-2008, 10:55 AM | #7 | |
Board Pinhead
Join Date: Jan 2006
Location: In the basement of my house, Murray, Utah.
Posts: 15,941
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Quote:
I'm agreeing with you that if those on Wall Street fail, it doesn't mean the rest of us have no chance of being able to succeed. We don't need them in order to earn a living. There's always an opportunity to go out and make it without them.
__________________
"The beauty of baseball is not having to explain it." - Chuck Shriver "This is now the joke that stupid people laugh at." - Christopher Hitchens on IQ jokes about GWB. |
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