The proposed $700 billion bailout plan of the nation's financial institutions ran into trouble Sunday morning, with Democrats and Republicans disagreeing on whether the package should be followed with Christmas-tree gifts of an economic stimulus plan and help to other faltering industries.
One of the biggest problems with the proposed legislation to be submitted to Congress this week is a new entity within the Department of the Treasury that would operate without oversight in buying bad loans from financial firms. Why don't we just issue matches to all children?
Conservative columnist George Will called such a plan the beginning of the (Henry) "Paulson administration".
So you have time this week to make your feelings known to your congressional representatives about this unnecessary bailout. It would raise the nation's debt ceiling to $11.73 trillion. When George W. Bush entered office, the ceiling was half that amount. If not for yourself, think about your children and grandchildren.
It is hard to believe that the American people -- fooled by the Bush adminstration's contentions about the need to invade Irag -- now would accept bringing socialism to free market capitalism.
Read more here: http://www.nytimes.com/reuters/business/business-economy-weekahead-outlook.html
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