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Congress Unveils Bailout Plan, but Will the Markets Respond?
After some late-week political wrangling that also consumed most of the weekend, congressional leaders late yesterday (Sunday) announced their agreement to a detailed version of the long-awaited $700 billion bailout plan that analysts say is crucial to keep the U.S. economy out of a Depression-like downturn.
The bill will be introduced in the U.S. House of Representatives early this morning (Monday) and will then head over to the Senate for consideration by Thursday, Senate Majority Leader Harry Reid, D-Nev., said late last night.
Lawmakers must somehow again steer a path that allows them to traverse taxpayer and (and soon-to-be) voter ire at having…
29Sep2008 | Money Morning | Comments Off | ContinuedAlthough Congress Squelches the “Paulson Plan†it’s Still $700 Billion to You and Me
Did U.S. taxpayers dodge a bailout bullet?
Maybe not completely.
To be sure, under the $700 billion credit-crisis bailout plan proposed by U.S. Treasury Secretary Henry M. “Hank†Paulson Jr., there were some decidedly scary codicils.
For one thing, there was a near complete lack of taxpayer protection. To see what I mean, just take a look at the part of the plan that reads: “Decisions by the [U.S. Treasury] Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.â€
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Dodge the Pitfalls and Uncover the Profits From the $700 Billion Banking System Bailout
With the exception of a few curmudgeonly old Republicans, there has been general rejoicing at U.S. Treasury Secretary Henry M. Paulson’s $700 billion banking system bailout. Indeed, to hear some commentators you would think it was cost free – they explain joyfully that assets will only be acquired at a discount, so of course there is a good chance the taxpayer will not be out of pocket on the deal.
Well, if you believe that I have a bridge to sell you. The deal has large costs to taxpayers, and considerable negative implications for our economic future. Investors didn’t buy…
23Sep2008 | Money Morning | Comments Off | Continued
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