132 responses to “Poll: Do You Support The Bailout Bill?”

  1. ML (California)

    If I take away the fluff and distractions of the wording of the bailout-handout bill, of course it should NOT pass. This is a bailout of a system that does not work ultimately. The broken system is continued and never fixed. Unfortunately, I think that the constitution of the American people has been made fragile.

    I call for House to pick their balls up off of the floor and push their tits up and out and vote this down like it should be. I call for the American people to straighten their spines and back the not voters up and vote the yes voters out of office.

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  2. Jordan (Minnesota)

    I don’t know. The Senate put so much junk in this thing that I can’t sort through it. I think congress likes it when we don’t understand what to think, so that they can tell us. Isn’t this an end-and-around on the constitution to have it start in the Senate this way? I just don’t know anymore.

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  3. BlackWater-DomesticMilitia

    WAG THE DOG and pass the ammunition,

    This bailout will not stop the impending financial crisis.
    We haven’t seen the worst of it yet.

    The dollar is broken the paper market is at stand still. The bailout is just that’ not a solution but a way out, for all the well lobbied “RICH” folks who lost money on bad bets.

    Let the market right itself. Because the first casualty in this administration is always the truth.

    Stock up on food and ammunition. Be very worried when you see paramilitary people that do not represent local law enforcement or US military if you decided to organize or demonstrate for real change. You just may have to face Bush’s personnel security force.
    Like in Iraq, or in the aftermath of Hurricane Katrina.

    “The Black Water Civil Militia” Because your government is scared that you may smarten up to their real plans of total control. Losing your civil rights and freedoms in the name of homeland security is just the start.

    http://www.youtube.com/watch?v=lnVbulr2Pvw

    http://www.youtube.com/watch?v=nqM4tKPDlR8&NR=1

    http://blog.wired.com/defense/2007/10/perhaps-unknowi.html

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  4. Dwayne Hall

    By borrowing money in our name and giving the money to their friends this does not help anything except the politicions and their friends. If by chance they are not “friends” yet, they will be after getting 700B.

    This is not the end of the financial problem, were prolly still in the first half, so do not think of this bailout as the “fix”. The real fix would be to back a currency with gold and allow the public decide what they wanted to be paid in…

    Vote early and often!

    »crosslinked«

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  5. Ima

    This Congress will go down in history as the Breavest since our Founding Fathers or The Congress that finally destroy The Constitution of the United States and our GREAT Nation.

    What is going on with “Ameros” being sent to China?

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  6. Bill Gluth

    We have to vote NO! The reason is the bailout is loaded with bloat.

    Millions for a kids toy wooden arrow company

    Millions for a rum company who is not even in America

    Millions perhaps Billions for Golden Parachutes for CEO’s that got America into this mess in the first place.

    Foolish systems that are destined to fail. Now we have politicians who want to prop up businesses that made big mistakes that hurt everyone in the USA.

    We are in trouble folks. At some point, a REAL adjustment will have to be made and we will have to put up with the consequences short-term to correct all of the mistakes of the past 8-years long term.

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  7. Marci

    No, I don’t feel it should be passed. Why should we be responsible for big business practices gone wrong? It is another ploy to take the taxpayer’s money to satisfy the greed of the special interest groups. In the first bail out plan, there was a 20% allotment to the ACORN group!! WHAT!!?? We all know that this group has been the root of all of this to begin with. It is a group of people who have lied, conjoled, threatened and interferred with voting in several states. They have used ficticious (either made up or deceased) names as voters to obtain what their goals. Is this the segment of our population that we want to give our hard earned monies to? No, I don’t think so!! No wonder John McCain hurried back and discontinued his campaigning!! No wonder the Democrats were angry with him. He knew about the OCORN allocation and I believe that because of his presence there, it was ommitted. No telling what else has been added to this plan that we are unaware of and would disagree with. The ACORN monies might even be in there disguized under another name. I’m going to continue to read the replies here! Mr. Paul, we depend on you and your knowledge and honesty to help us with some of these worries.

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  8. Dave M. Ph.D.

    I absolutely DO NOT support the bailout, “rescue” or whatever they want to call it. Fortunately my Congressman voted against it which was wonderful. However my Senator voted for it and he is on the banking committee. What a disgrace.

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  9. bridgette dolgoff

    i think that if the economy is in that bad of a state nothing we do will hold it up for long. we need to allow it to adjust and we may not like what happens, but sooner than later feels better to me. i am ready for a new way of doing business and creating income. many amazing people and business have surfaced out of sure need during past economical down turns. for example the co-op was built, the idea was created in the 1850 period, but it was a business during the great depression. to this day it is the most trusted way of doing business as well as can with stand economical down turns. iam personally being tired of constantly feeling like i am under the gun traying to stay afloat aren’t you? we need to change the markets that make us worker harder for them with no benefit to us, we need freedom, relaxation, play time and security! we are the only ones who can change this and it is by allowing the old to die off and in time, could take years we can create a win win situation for all of us!

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  10. Rick S

    We are creating a dictator with this Paulson Plan enough said.

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  11. Jen D.

    http://www.youtube.com/watch?v=D3k-DEwd0vY
    Great American Wall Street Bailout

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  12. Sherman Okst

    Oh, I forgot to mention that our books are cooked worse than Enron’s.

    5.1% Inflation is bogus!

    Gas is 242% more expensive today than it was in 2003. Oil is in everything. 400 Gallons of oil is used to plant, grow, fertilize, package and ship to each US citizen every year.

    Our Government backs out gas and food from inflation. Can you? Worse things like Hedonics and weighting skew the numbers.

    GDP is 40% less than calculated.

    Our debt to GDP is a disaster, especially if you include the 40 or so trillion that isn’t recorded.

    We are already in a severe recession.

    I used to be an airline captain. It is like our instruments are showing a full tank of fuel and because we use Enron math to program our onboard computer they are lying to us.

    Any economist who uses cooked data to determine if we are in a recession should not be an economist.

    Period.

    Look around. Banks don’t close when we aren’t in a recession. Unemployment doesn’t reach record numbers when we aren’t in a recession and housing foreclosures don’t happen en masse when we aren’t in a recession.

    David Walker is right—-Our biggest deficit is a leadership deficit.

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  13. TIM K.

    There are 300 million people in these the United States. How about telling those PINHEADS that even if they gave every American $1 million dollas it would still be way under their CRIMINAL WALL STREET BAILOUT!!!!

    HOW ABOUT HELPING THE AMERICAN PEOPLE INSTEAD OF GREEDY WALLSTREET AND EVERY FOREIGN COUNTRY YOU SEE FIT TO GIVE BILLIONS !!!!!!

    IF you don’t Wise up all you senators and congressmen ” YOU WILL BE FIRED!!!!!!!!!!”

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  14. Emilio Cinelli

    A resounding “no.”
    The whole “Bailout/Rescue” is a scam to enslave the American Taxpayer to a revolving door ” tap the till” policy by Bush and Co…This includes most of the Senate and a good number of House Representatives. These people believe the “hype” that we are doomed and that only the “Bailout/Resucue” can save us.
    The only thing to save us is “turning back the clock” and repealing a lot of what brought about the wrong.
    We need the Gold Standard back, less Socialism, No Federal Reserve, no IRS, no UN, no NAFTA, but definitely “True Free Enterprise.”
    Yes, the world changes but we have to get back to a solid monetary policy, a better work ethic, less greed and more sanity at every level of governement. Above all, we have to stop the ‘outflow of cash”, the outlandish spending and the uncontrollable growth of governement.
    Who needs all these “laws”, ordinances and high taxes? I don’t and neither do others…
    Please vote “No”…Thanks, EMC

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  15. Harold

    Check out the people that run the hedge funds.

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  16. Dell

    Is this the “Me” generation we have elected into office ? There seems to be no conscious of morality in these people. This whole scam is Unconstitutional so why are they even spending time on it !? They are using Scare Tactics to give away our money and alot of the “sheeple” go for it. In the 1990’s a fellow started a grass roots movement, the ’NRA-Never Re-elect Anybody’. Maybe we should get this going again. After all, their pensions are set no matter what. Even the main stream controlled media has commented that they are afraid to go against the status-quo.
    So get your lighters ready for the torches. I for one am SUPER P.O.’d!

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  17. Paul Aragon

    Nancy Pelosi stated yesterday morning that the bill the senate passed was “significantly” better than the one they started with and that she is proud of the work that was done to get it approved……9 days ago she stated that it must pass (in it’s earlier form) to avoid a financial crisis. The flip side of her most recent comment is that the earlier bill was a significantly “inferior” bill, yet she was proud of that as well. Is her job to pass an inferior bill or pass a bill helping the American people?

    I don’t support the bill in it’s overinflated form due to the fact that there are politicians (that I hope the media exposes to the public) who are self serving and bloated this bill with their own personal interests and those of special interest groups. They held out on passing a bill so they could leverage their vote (and leverage the interests of Americans) for unrelated variables.

    How does a economic recovery bill eventually get to include
    ( see http://www.cnn.com/2008/POLITICS/10/02/bailout.pork/index.html )

    - Creation of a seven-year cost recovery period for construction of a motorsports racetrack: Track owners currently follow a seven-year depreciation schedule and write each year’s depreciation off their taxes. The IRS wanted to increase the depreciation timetable to 15 years, which would mean the track owner’s depreciation would be cut in half. The measure in the keeps the seven-year depreciation schedule for two years and would cost taxpayers $100 million.

    - A refund of excise taxes to Puerto Rico and the Virgin Islands for rum: A $13.50 per gallon excise tax is placed on rum imported into the United States. The measure extends to December 31, 2009, a refund of $13.25 per gallon tax back to Puerto Rico and the Virgin Islands, which are both U.S. territories. The refund has been in place since the early ’90s. The measure would cost taxpayers $192 million.

    - Income averaging for amounts received in connection with the Exxon Valdez litigation: The measure would allow the plaintiffs who won damages from Exxon Mobile for the oil spilled by the Exxon Valdez to average the award over three years rather than treating it as income in a single year. The measure was backed by Alaska Rep. Don Young and would cost taxpayers $49 million.

    - Secure rural schools and community self-determination program: The program replaces revenue rural communities used to enjoy from the sale of federal forest land. The measure is sponsored by lawmakers from Oregon and Idaho. The program would cost taxpayers $3.3 billion.

    - Deduction of state and local sales taxes: The measure allows citizens who do not pay state income taxes to deduct the amount of sales tax they pay over a year from their federal income tax for two additional years. States that benefit include Texas, Nevada, Florida, Washington and Wyoming. The measure would cost taxpayers $3.3 billion.

    - Provisions related to film and television productions: In order to keep movie production in the U.S., production companies would be allowed to deduct the cost of producing the films from their taxes. Rep. Diane Watson, D-California, has been one of the program’s biggest supporters. The measure would cost taxpayers $478 million over 10 years.

    - Extension and modification of duty suspension on wool products, wool research fund and wool duty refunds: The measure helps U.S. worsted wool fabric makers and clothing manufacturers. The bill extends provisions through 2014 or 2015 that were originally sponsored by Reps. Louise Slaughter, D-New York, and Melissa Bean, D-Illinois, in 2007. The measure would cost taxpayers $148 million.

    - Extension of economic development credit for American Samoa: The measure would extend for two years provisions meant to help economic development in the U.S. territory of American Samoa. The measure would cost taxpayers $33 million.

    - Transportation fringe benefit to bicycle commuters: The measure would allow employers to provide benefits to employees who commute to work via bicycle, such as help purchasing and maintaining a bicycle. The measure would cost taxpayers $10 million.

    When you see advertisements for a “Rock The Vote” campaign, remember to oust all those politicians who “Crocked” Your Vote!

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  18. Sherman Okst

    The failed banks is NOT the problem here.

    I’m all for spending 700 Billion and then some to fix the problem.

    NO ONE is connecting the dots and this is going to be more of an oops than 9-11 was!

    We have counterfeited our want into making our dollar worthless and 99% of us don’t know that the Federal Reserve is a private bank. Worse, we are basing our success on growth. Growth that we get from stripping the planet of natural resources. That is okay until you have an exponential population explosion.

    Bush says we need new regulations. No. We need to go back to the Constitution and fast.

    Connect your own dots. Research Peak oil. Research Dr. Albert Bartlets population exponential population explosion. Research what is happening to our resources (fish and food.) Research that every Fiat currency has failed and will fail. Research what our founding fathers wrote in the Constitution.

    Then read what Jefferson said:

    “If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around them will deprive the people of all property until their children wake up homeless on the continent their fathers conquered. The issuing power should be taken from the banks and restored to the people, to whom it properly belongs.”
    - Thomas Jefferson, Letter to Treasury Secretary Albert Gallatin (1802)

    If a nation expects to be ignorant and free, in a civilization, it expects what never was and what never will be.

    – Thomas Jefferson

    “Lenin was right. There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction, and does it in a manner which not one man in a million is able to diagnose.”

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  19. Dell

    Is this the “Me” generation we have elected into office ? There seems to be no conscious of morality in these people. This whole scam is Unconstitutional so why are they even spending time on it !? They are using Scare Tactics to give away our money and alot of the “sheeple” go for it. In the 1990′s a fellow started a grass roots movement, the ‘NRA-Never Re-elect Anybody’. Maybe we should get this going again. After all, their pensions are set no matter what. Even the main stream controlled media has commented that they are afraid to go against the status-quo.
    So get your lighters ready for the torches. I for on am SUPER P.O.’d!

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  20. Ms Lucas

    I e-mailed Saxby Chambliss that I wanted him to reject the bill. here is his response. Bailing out the banking system is treason.

    Dear Ms Lucas:
    Thank you for contacting me regarding the turmoil in our financial markets and the actions taken by the United States Treasury as they pertain to several leading financial institutions. It is good to hear from you.

    This is the most serious and critical domestic issue I have dealt with in my 14 years in Congress. We have been betrayed by many people and by abuse of the system. Now we have two significant choices to make – do nothing or take action.

    I strongly believe that doing nothing will destroy the financial security of millions of Americans and possibly lead us into a depression. I just as strongly believe the bill as now negotiated will arrest the crisis and begin to turn our economy around.

    The bill that I voted for is not a bailout. H.R. 1424, “The Emergency Economic Stabilization Act,” is crafted to address the crisis; restore security for the American taxpayer; and return our nation to the strongest economic power in the world. And in the process this bill enables us to root out and punish those who cheated us all.

    I know that my vote in favor of this package was not the politically popular thing to do, but this is not a popularity contest. This is about the future of our country and the future that my children and grandchildren will inherit. I have absolutely no doubt in my mind or my heart that my vote in support of this measure was the right thing for our economy, for Georgians, and for our country.

    My first reaction was one of anger and frustration. How could this happen in the strongest economy in the world? How could the best financial system in the world fail? After calming down, I realized the seriousness of the situation and the consequences of Congress failing to act.

    The Treasury Department submitted a proposal to Congress requesting authority to purchase troubled assets from financial institutions. This program was intended to address the root cause of the market stresses by removing these assets from the financial system.

    I did not support the original proposal submitted by the Administration because it did not address the critical needs of the American taxpayer, community banks, retirees, and small businesses and it concentrated too much power in a small group to administer the plan.

    As the conversations in Washington and across the nation continued over how to address the challenge before us and as the details of the problems in our financial sector were revealed daily, I became convinced that something had to be done and done soon.

    Moreover, when the House rejected the plan, the economy suffered a $1.2 trillion dollar blow in the stock market, which only made more apparent the impact this credit crunch is having on Main Street . Specifically, in some cases, Georgia community banks are unable to make auto loans.

    Below are details of the legislation:

    TAXPAYERS ARE PROTECTED. In its current form, the legislation before the Senate protects taxpayers in many ways. Accountability, safeguards, and oversight measures are numerous. There will be transparency, public reports, and triggers to end the program if, for some reason, it is not effective or end the program early if it is more successful. Moreover, I worked to negotiate a mechanism to stop all transfers of taxpayer funds if necessary. That said , I believe this legislation will be effective.

    NOT A BLANK CHECK. I opposed the President’s initial request to simply give a blank check to Secretary Paulson. I also opposed the second version submitted by the President and Congressional Democrats that would have given taxpayer money to liberal groups such as ACORN. Let me be clear – this current bill, the bill in the Senate, is not a blank check for anyone. First, it allows the release of $250 billion to purchase these toxic loans. Then, Congress can release another $100 billion but only with Presidential involvement and certification that it is necessary. And only if absolutely necessary and again with Presidential certification and Congressional approval, the remaining $350 billion could be released. However, I do not believe the entire $700 billion authorized will be necessary or used.

    NO GOLDEN PARACHUTES. CEOs and other executive officers who drove their companies into the ground will not be able to walk away with millions leaving taxpayers holding the bill. Those companies that choose to participate in the program will be subject to strict compensation limits.

    NO NEW GOVERNMENT SPENDING. The language is clear – all revenue generated through the repayment of any assets purchased and any sold must be used to pay down the national debt. No money will go to pork projects, new government spending, or liberal groups such as ACORN.

    HELP FOR MAIN STREET . As this crisis continues, community banks are being affected more and more. Car loans and home loans, even to those with good credit, are drying up. People are losing their retirement savings. Small businesses are now having difficulty getting loans to make payroll or grow their business to create new jobs. If we allow this to continue, jobs will be lost, more retirement accounts will be impacted, and credit will get even tighter.

    PUNISH CRIMINALS. The Federal Government is actively investigating cases of fraud and abuse. Where wrongdoing is found, the perpetrators, including, if implicated, members of Congress will be brought to justice. We have already seen subpoenas issued for records at Fannie Mae and Freddie Mac. This bill demands cooperation with the Federal Bureau of Investigation (FBI) and I expect we will see more subpoenas and criminal prosecution.

    ADDRESS THE UNDERLYING CAUSE WHILE WE TREAT THE SYMPTOMS. We are seeing the symptoms now – lack of trust in the banking industry, daily tightening of the credit markets, losses in personal retirement accounts – and while this legislation addresses those issues, it also goes further to treat the cancer that got us here. This legislation authorizes the Securities and Exchange Commission (SEC) to modify the ‘mark to market’ accounting procedures that magnified this crisis by forcing banks to mark down the value of assets they had no intention of selling in the near future. This mark down of value caused a corresponding loss of value to the institutions. The SEC has already begun the process to modify this procedure.

    RETURN TRUST IN THE BANKS. By increasing the Federal Deposit Insurance Corporation (FDIC) protection on bank accounts from the current $100,000 to $250,000, taxpayers and bank customers can once again trust that their money is safe in the bank of their choice.

    DEBT REPAYMENT. Toxic loans will be purchased at a discount and 100% of the monies repaid to the government will go to reduce the debt we incur in this process. While we shouldn’t expect full repayment, it is possible that all of the money expended will be repaid.

    PROTECT OUR NATIONAL SECURITY. If we do not act and this crisis spreads like a cancer to every segment of our economy, it will destroy not only taxpayer savings but it will erode our ability to fund our military, supply our troops with the resources they need, and protect our homeland.

    NO TIME FOR POLITICAL FINGER POINTING. There is plenty of blame to go around but now is not the time to throw stones, now is the time to address this crisis and get our economy moving again.

    FOR THE COUNTRY; NOT POLITICAL POPULARITY. This is not a popularity contest, this is a crisis. And since this crisis began, I have had numerous conversations with economists, community bankers, small business owners, and taxpayers. I have weighed the costs of inaction versus the costs of unpopular action. I support this bill because it is good for the country, it is the right thing to do today for taxpayers and tomorrow for my children and grandchildren, and it is necessary to get our economy moving again.

    Strong capital markets are vital to a prosperous U.S. economy and given the renewed focus of our regulators and market participants, I remain confident in our financial markets and our overall economy.

    However, history warns us against inaction by hard lessons learned. Delaying to act would be a repeat of the mistakes of the 1920s, when thousands of banks failed before significant confidence was restored to our financial markets.

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  21. Alan Laney

    Isn’t it amazing that the sentiment is so overwhelming against this bailout, yet it will pass anyway. Can anyone claim we have a righteous democracy? I think if Ron Paul would have positioned himself for a 3rd party run, and championed the NO BAILOUT platform, that alone, would have put him in the White House. That’s one postition that Americans are coming down pretty hard on, but to no avail, our “elected” Congressmen are going to see that it passes today. Too bad, I think this would have ushered in a Ron Paul Presidency. This bailout scam has exposed what rats we have in Washington….it’s almost undeniable.

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  22. John

    I think the American people have been lied to enough in the past years. The only acceptable bailout would not be to companies that have proven their inability to manage finances of others.
    So, give it where it is being felt the most, the PEOPLE, duh, it’s their money anyway? Then they can make their mortgage payments, put some in savings, pay off that credit card bill…etc ad infinitum.

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  23. Lee

    I hearby declare a vote of NO CONFIDENCE IN THE U.S GOVERMENT!

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  24. Tom Pritchett

    Let’s go back to Cecilia and re-emphasize her stand HELL NO!!!!
    Why should the taxpayers bailout Wall Street to compensate them for their greed and corruption. If any of us did what they have done we would all be in some Federal prison. If Congress votes for the $700 billion bailout, we should (and must) vote Congress out of office.

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  25. Lee

    absoluty not all there going to do is take it out of our pockets just like always!!!!!!!!!
    did we not leave England for the same basic reasons and whats worst is if they are allowed to continue the middle class will be gone it will the rich and the poor. I smell a revolution comming down the road it’s sad that most americans have gotten so dam comfortable with this goverment that we roll over and just let the rich rule our lands and steal our hard earned dollers.
    LET THE BASTERARD TAKE THE FALL!!!!!!!!!!!!!!!!!!!!!!!!!!

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  26. Denis Giannelli

    Everything stems from the Federal Reserve, which is neither federal or does it have any reserves! We have to stop allowing a private bank to create money and LOAN it into use. It is the role of government to create money and PAY it into circulation.
    Denis Giannelli
    The Fr. Fahey Institute
    Poughkeepsie NY

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  27. Arlene

    If Congress passes this bailout bill, don’t think for a minute that they will stop there. Only God knows what’s down the pike!

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  28. Bill

    I think herbivore Dan just forgot to put in the word ‘don’t’ in his post. a simple mistake.

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  29. Charles Johnson

    If our lawmakers really want to soften the average citizen’s opposition to their bailout package, they need only tack on provisions that would try to recover as much money as possible from the involved executives who profitted so dearly during the past decade or so.

    I believe that the lawmakers know that. They know that it would be the right thing to do.

    They also know that they should make excessive executive compensation packages illegal (generous stock options, excessive bonuses, excessive salaries, and golden parachutes).

    Instead of making them illegal, they simply applied a federal tax to those items. The Senate did nothing to address this obvious shortcoming in the House version.

    So who is this bailout really for?

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  30. DL
  31. David H

    Herbivore Dan, print more money so we wont have more inflation in the future? Do you know how the system works sir?? Your underlying assumptions, expectations and understanding are a bit off. If you dont understand Ron Paul check out other sources, do some research, then revisit with this additional information in your head. For example MoneyMasters.com is a good website.

    And be patient in adversity:
    for verily, God is with those who are patient in adversity.

    IF you are wholly perplexed and in straits,
    have patience, for patience is the key to joy.

    As-Sabur
    The Patient One

    CALL YOUR CONGRESSMAN, SEND HIM/HER AN EMAIL!!!!!!!!!

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  32. Brandon

    Wow! Dan Herbivore, you’re absolutely correct. Your statement must be the most simple-minded economic approach i’ve ever heard. Christ almighty. Someone drop some knowledge for this fine fellow.

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  33. Herbivore Dan

    I sure hope they pass this bill. That way we can speed up the process. You want to feel inflation now or later? Hopefully you’re thinking the sooner the better, the economy always goes through this. And the only way to make it go by quicker is to speed it up. Simple economics.

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    1. John Christianson

      No. Giving taxpayer’s money to failing businesses with failing business plans only perpetuates the myth that bigger is better. In fact, it is the small functional community banks which are making loans and paying interest right now. They will carry the economic water in the end when the B of A and Citibank dinosauers are extinct.

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  34. Troy

    You have been lied to repeatedly. Please VOTE NO on this BAIL OUT BILL. Let the People make this decision, we HAVE read this legislation.

    The bill The Senate intends to try to ramrod down your throat is neither about Main Street or really even about Wall Street.

    You are going to get VERY angry. Sit down before you read further.

    “”Hundreds of billions of dollars are going to bail out FOREIGN INVESTORS. They know it, they demanded it, and the bill has been carefully written to make sure that can happen.” – Brad Sherman , D-California”

    That’s right folks. You are going to have $700 billion – about 25% of the total federal budget – put on your personal credit card (via taxes forever) in order to bail out foreign investors.

    Oh, and the best part of it is that the underlying assets involved do not even have to be in the United States!

    Here is the definition of a “troubled asset”, right from the bill:

    “(9) TROUBLED ASSETS.—The term ‘‘troubled assets’’ means— (A) residential or commercial mortgages and any securities, obligations, or other instruments that are based on or related to such mortgages, that in each case was originated or issued on or before March 14, 2008, the purchase of which the Secretary determines promotes financial market stability;

    and (B) any other financial instrument that the Secretary, after consultation with the Chairman of the Board of Governors of the Federal Reserve System, determines the purchase of which is necessary to promote financial market stability, but only upon transmittal of such determination, in writing, to the appropriate committees of Congress.”

    Notice that conspicuously missing from the definition is the requirement that the asset’s underlying thing (that is, the property that was mortgaged, etc) lies within the United States. Also note that Treasury must tell Congress if they add “new types” of debt, but that Congress has no right of review or censure.

    That is, it is perfectly legitimate under the bill for a foreign bank to sell or swap any “crap sandwich” it may hold (irrespective of how or where it originated, so long as a mortgage is the basis for it somewhere) with a bank domiciled in the United States, and said bank may then “PUT” it into the TARP.

    Note also that Representative Sherman said on Kudlow last night that when this was raised with Secretary Paulson he was told that if Congress tried to restrict the ability of the Secretary to purchase assets “laundered” in this fashion from foreigners, that the bill would be vetoed.

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  35. Cecilia

    Hell NO!

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