My biggest concern with the 700 Billion dollar "rescue...bail out" was the amount of control we were giving to the Secretary of the Treasury. This guy would have an open checkbook to do as he pleases....as long as he thinks its good for the economy.
I started to try to stomach this thing...the politicians spun it that we were really not spending the dollars on an item but rather an investment. That in fact the GVT was buying these financial instruments on the cheap due to the fact the businesses that owned them had no cash. Furthermore....that the US would most likely make money on these instruments.
So the idiots sign up for the bill....they suck some of the nation into thinking this is ok.
This morning the same old same old starts. Treasury now thinks that with this money they should be buying stock in financial institutions to give investors confidence. This is a bad thing....
Warning Wil Robinson....danger danger...... Now we have some political infighting as to whether the Secretary can do this under the bill.....sorry sad sacks...the horse is out of the barn and this guy is riding alone and laughing at you.
One issue....what if the gvt buys stock in a financial firm. Now they must by a lot in order to have any impact....OH....now they become a big enough shareholder to have a seat on the board....this is a mess waiting to happen.....Get Government out of the public sector and let the chips fall where they fall.
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