Quote:
Originally Posted by -Bill-
Well put
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Again, doomed to repeat history.
The details
of the bailout bill are coming out.
All it does, is allow the Treasury Secretary to spend up to $700 billion at one time (yes, he can do this multiple times) to buy up bad assets from foreign and domestic firms, with the taxpayers money.
He sets the prices, and he makes these determinations all on his own. There is also a nice part that absolves him of any legal recourse later (but of course).
Essentially, Wall Street takes over the country. And this does nothing to protect the dollar or prevent the bust that Steve is worried about. It just makes sure the people and dollar go bust before the banks.
This is what I was getting at before. If you bailout the banks, you haven't removed the bad debt. All you have done is made sure the taxpayers and citizens will burn for it, not the banks. The bailout does nothing to prevent the bust.