September 22, 2008
Federal Bailout Bill
Here is the text for the draft bailout proposal by Congress (with some ads - sorry about that). The Treasury Secretary can buy up to $700 Billion in "mortgage related assets" for the next two years. He has to report to Congress within three months "with respect to the authorities exercised under this act."
Oh, and by the way, the statutory limit on borrowing is increased to $11.3 trillion.
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Text of Draft Proposal for Bailout Plan
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Published: September 20, 2008
LEGISLATIVE PROPOSAL FOR TREASURY AUTHORITY
TO PURCHASE MORTGAGE-RELATED ASSETS
According to my calculations, the United States will purchase 13.5 million mortgage-related assets from any financial institution having its headquarters in the United States.
Based on the Increase in Statutory Limit on the Public Debt, an additional $900,000,000 will be added to the Public Debt just in the loss of the buy back.
The cost of management, title process, auctions and devaluation burden, is to be placed on the sale proceeds of mortgage-related assets, this will become a massive devastation to the U. S. dollar. A federal debt so great that we could loose our own country (I have worked the numbers and its so big its beyond belief.)?
I think this bill should not be signed into law. Too save and safeguard the United States. It will be best to let the markets fail and reserve the dollar for rebuilding. If this bill is signed we are doomed.
Its best to let the banks freeze and die. Small business owners understands profits and losses. In this case its best to accept the loss and rebuild. The error of failure is not because of the citizens, its because of our so called, financial institutions, who knew that the sub prime loans or as they were called in the early 1990's, interest based variable loans was not working, simply for the complaints. Let this be a lesson, just KILL this bill
Posted by: Gil Wall | Sep 28, 2008 9:06:55 PM