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Originally posted by poet1b
I guess there is one good thing, and that is if the U.S. government purchases these assetts, rather than putting them in control of foriegn investors, it means that the U.S. public will have some say in how these homes are sold on the market, and to who.
It might be a good thing if the government purchases these loans at a discount.
The terms 'lawful money' or 'lawful money of the United States' shall be construed to mean gold and silver coin of the United States.
- Title 12, U.S. Code, Section 152 [12 USC 152]
Currently about 1/3 of the US economy is in the financial sector, and when push comes to shove, these people are not producing anything.
"We need to take a bold move. In that sense I think Paulson is right," Luigi Zingales, a Professor at the University of Chicago School of Business who wrote a widely circulated short essay titled "Why Paulson is Wrong,” told Politico.
Zingales fears that the Treasury bailout would effectively turn the entire financial sector into a Government Sponsored Enterprise, complete with the same murkiness and moral hazard that sunk Fannie Mae and Freddie Mac. “It might achieve the final outcome, but it will do so at an enormous cost," he said. "All the troubles we’ve seen with Fannie and Freddie would be seen again and again across the entire financial sector."
President Bush is “asking for a huge amount of power,” said Nouriel Roubini, an economist at New York University who was among the first to predict the crisis. “He's saying, ‘Trust me, I'm going to do it right if you give me absolute control.' This is not a monarchy.” (Roubini told the New York Times that despite these concerns, he also thought the plan could help stave off a recession.)
Originally posted by studioguy2002
Ill bet ya that the owners of the central private banksters are happy to know that there plan for world domination is now well on its way to a reality. It wont be much longer now, better start rolling up your sleaves and get ready for the INPLANT,than you can turn on the TV and whatch dancing with the stars likea good little sheeple.