Oversight my ass, it is still the Paulson Me me me bill. Oversight doesn't even begin until 60 days after the first transaction occurs. A panel will report to Congress on a regular monthly basis, which puts the first oversight one business quarter after the first transaction. That is no oversight.
I think it is. Those making these transactions do so knowing that they will see the light of day and be subjected to public scrutiny. That puts at least some pressure on the Treasury officials when they make the deals. And frankly I don't see much in the way of alternatives; it's just not feasible to have Congress signing off on every transaction, especially as the markets fluctuate. Unless you're willing to suggest an alternative?
Given that these politicians got us into this mess, and nothing in this bailout removes the bad paper debt, how does this plan do anything positive for the market?
It does remove bad debt; more importantly, it buys up the uncertainties. It buys up the mortgage-backed securities, which are likely undervalued because no one can really figure out how good they are (which is why we're going to pay somewhere between market value and hold-to-maturity value on them). When the financial companies get rid of these securities which are dragging down their balance sheets, they'll be able to lend more readily because they'll have more capital.
I have written Congress and called demanding a no vote on this. Hopefully there will be leadership in House Republicans.
Hope you've got an alternative in place that can pass in the next few days, then. Because things can get really bad, really fast, for a really long time. What's your suggestion?
Also, what's the option if/when THIS bailout fails? How big is the next one, because that's where it's going to go. Wake up America.
Yup, it may not work. But better wake up to the fact that if we don't do something, we're almost certainly in for some terrible times ahead. Our choices are between bad and worse, so saying "this might be bad" is not a good way of making the decision. One has to consider the possible alternatives and pick the best of the bunch, even if the best still isn't very good.