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Many economists skeptical of bailout

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posted on Sep, 21 2008 @ 01:21 PM

Many economists skeptical of bailout

Many of the same economists and opinion-makers who'd provided a bipartisan sheen of consensus to Treasury Secretary Henry Paulson's previous moves have quickly begun casting doubts on the wisdom of a policy that would allow Treasury to purchase without oversight hundreds of billions of dollars of difficult-to-price assets from financial institutions.

Under the proposal, Paulson would not have to report to Congress until December, and the only safeguard for taxpayers was a provision that the “Secretary shall take into consideration means for — (1) providing stability or preventing disruption to the financial markets or banking system; and (2) protecting the taxpayer.”

Skepticism toward the plan reflected more than the predictable desires of the left to spread the wealth to Main Street or of the right to reject government bailouts, although those sentiments were also expressed.

"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.
(visit the link for the full news article)

posted on Sep, 21 2008 @ 01:21 PM
Its not only us here At ATS that see this bailout plan is not good. Now the same guys that were cheering Paulson are now bashing him over his bailout plan
(visit the link for the full news article)

posted on Sep, 21 2008 @ 01:25 PM
I think more people are waking up to the idea that america does not hold its destiny in its own hands. Thats why these people are thinking again. People should look at it, and understand, the people who are the only ones who will gain from all this, and any bailout etc.. etc...

posted on Sep, 21 2008 @ 01:29 PM
What worries me the most is that the Supreme Court can't even override the decisions made by the Secretary. That tells me that checks and balances have gone completely out the window. I'm really worried about all of this and what Monay will bring.. So I guess we'll have to wait till Monday to see what happens. But thats not to say that Monday will be great and then Tuesday will be a washout.. Theres just no way of telling anymore. Its like a roller coaster ride in the dark..

posted on Sep, 21 2008 @ 01:33 PM
We need to watch what Congress does with this the Bill will hit the floor monday morning But unless Bush Blackmailed the Congress they won't vote on until atleast tuesday or wednesday.

posted on Sep, 21 2008 @ 02:13 PM

Originally posted by Mercenary2007
We need to watch what Congress does with this the Bill will hit the floor monday morning But unless Bush Blackmailed the Congress they won't vote on until atleast tuesday or wednesday.

wow, your optimistic of a quick vote from Congress...

a bill must be hammered out first and there appears to be a significant group that is not going to swallow the Fed/Treasury outline
for a bill which allows a $700 billion fund to purchase all the other 'non-regulated' (which means all the rest of the ARMS & exotic mortgage related paper that Freddie & Fannie are not allowed to purchase !!!,

We are talking about CDOs and CDS that are exotic bets on mortgage makers/lenders/contracts... which may well be valued at over $57Trillion dollars...
the wording of the proposed bill, actually allows these debt 'vehicles' to be covered in the $700Billion capped bail-out...

but that $700 billion cap is also subject to mechanizations by both the financial entities, and the Treasury 'administrators' of this new $700billion large 'clearing-house' for the banks & mortgage makers....
for a period of 2 years with semi-annual reviews by congress

It's a minefield out there!
& i just don't trust Paulson (the former head of the elitist GoldmanSacs) prior the becoming Treasury Secretary...
and the plotting-scheming by our Fed. chairman Bernanke


[edit on 21-9-2008 by St Udio]

posted on Sep, 21 2008 @ 02:49 PM
a vote Tuesday or wednesday would be if they were being blackmailed by Bush to pass it on face Value. Or if they are not being blackmailed to reject the bill and force a bill with better protections.

Is it optimistic to see a vote happening as early as tuesday? No it is not. Congress is accused alot of times as dragging its feet, But if they really think the bill is good and is what the american public wants then they will rush it through to get a yes vote.

Your forgeting that this was leaked saturday. Congress probably knew the bill was coming by friday. and they have had all weekend to read it and decide how they would vote so i do see a vote on this coming by midweek.

I've already emailed my elected officials and told them to vote against this Bill. This bill will do more harm than good. i also told them that if they do vote for this bill then i will not be voting for them this nov.

[edit on 9/21/2008 by Mercenary2007]

posted on Sep, 21 2008 @ 04:59 PM

off-topic post removed to prevent thread-drift


posted on Sep, 21 2008 @ 05:01 PM
reply to post by St Udio

I am afraid that Bush may very well overpass congress and sign the bill himself using his executives powers.

After all is all for the good of the nation and the people.

posted on Sep, 21 2008 @ 05:17 PM
I believe the band Bad Brians said it best with this song 'Big Take Over'

No one dared to show for that shower, when nobody turned out to be clean, was not even touched by the water, just another Nazi scheme.

Yeah, The Big Takeover yeah-ah-, My, big Takeover yeahh,yeahhh.

All throughout this so-called nation, prepare yourself for the final quest. This world is doomed with its own integration, just another Nazi test!

Yeah, The Big Takeover yeah-ah-, My, the big Takeover yeahh-yeah-yeahhh.

So understand me when I say, there's no love for this U.S.A. This world is doomed with it's own integration, Just another nazi test.

Yeah, The Big Takeover yeah-ah-, My Big Takeover yeahh,yeah-yeah.

posted on Sep, 21 2008 @ 05:30 PM
Fox news published an "outline" of what this bill's actions will look like here. Bernanke and Paulson won't be testifying until Tuesday and Wednesday. This means a vote can't occur until Wednesday at the earliest, barring some massive financial news spooking Congress. We'll almost certainly see a vote by week's end.

By the way, the hardcore conservatives are also attempting to muster some resistance. I never thought I'd support conservatives, we really are in a brave new world!

posted on Sep, 21 2008 @ 05:44 PM
Do you think Bernanke will say something he didn't already tell members of congress Friday?


Like i said congress could vote on this as early as Tuesday. If congress wanted to they could vote on the Bill Monday when it reaches the floor they don't have to have anyone testify before they vote.

Congress has known this was going to happen, they voted in the legislation that changed the rules that allowed the banks and corporations to create this mess. The rules were changed during the Clinton Administration. Setting the stage for the next puppet errrr. i mean president to do exactly what is happening now.

posted on Sep, 21 2008 @ 05:47 PM
reply to post by marg6043

If congress would have went home like they had planned there is no doubt in my mind Bush was going to do exactly that. but since it was leaked and Bernanke briefed them on friday Congress stayed in washington to keep bush from doing it. Or if he does it with congress in session it will show the american people that he made an outright grab of power.

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