The Bailout of 2008

Tuesday, September 23, 2008

All weekend I listened to the proposed $700 Billion bailout by the Government.  Many financial experts on TV declare that this must be done and done quickly.  This may be true; however, there is one thing that doesn't seem right.  This plan states that the Courts will not have the ability to review actions taken under it, as noted in a Bloomberg article.  Why?  Also, there is an urgency to get the plan signed within a week.  I've heard the reason for such hastiness is to instill confidence in the market to stabilize it.   But does that justify signing a blank check, tomorrow?

This seems a bit fishy to me.  It's virtually impossible for an individual to acquire a home loan to be underwritten, approved, and closed within a few days.  So why would lawmakers possibly think of signing off on a loan of this size within a few days?   Another point worth mentioning is that I've heard the plan doesn't contain many details.  The summary is reported to be only three pages long.  In exchange for $700 Billion, the details should be spelled out reasonably well.

Is the American Taxpayer on the brink of being duped again?  Is the current administration pulling another fast one on us?  I don't know, but it sure feels like it.

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