$100 billion of the bailout is set aside for the presidents discretion?, page 1
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Topic started on 7-10-2008 @ 05:01 AM by Karlhungis
So, am I reading this wrong or did the president just get $100 billion to spend as he pleases?

edition.cnn.com...

The bailout plan's new provisions made $250 billion immediately available to purchase bank assets, leaving $100 billion at the president's discretion and $350 billion subject to congressional review.


It can't really mean that right? Surely it is financial lingo for something else. Kind of like the "Martial Law" that congress mentioned wasn't the same "Martial Law" that the people are so afraid of.

Curious if anyone can set me straight here.


reply posted on 7-10-2008 @ 05:51 AM by Relentless
You are not interpreting either of your concerns incorrectly. This is a very scary piece of legislation!

Oh ind this is just a rare gem!

Moving Forward

She said Congress will shine a new "light of scrutiny and accountability" on the nation's financial system to try to prevent a replay of the problems that plunged the nation into an financial crisis.

Reps. Barney Frank, D-Massachusetts, and Henry Waxman, D-California, plan to hold hearings to increase scrutiny of the financial system, Pelosi added.

"We want to take our country in a new direction for the middle class," Pelosi said.

Frank told reporters Friday that starting in January, Congress will "have a major role."

"We have to rewrite housing in America. ... It would be highly irresponsible if we were to stop here," he said. "Now we have to perform more serious reform."


Like they didn't have the power to do this in the first place and prevent this whole mess? Who do they think they are kidding? Now they pass this Bill, and now they do need even more oversight, because of all the powers they just gave away in it.

Should have done their jobs in the first place.


reply posted on 7-10-2008 @ 05:54 AM by Karlhungis
reply to post by Relentless



Yeah, when I read

"We want to take our country in a new direction for the middle class," Pelosi said.

I wanted to vomit. I believe that new direction would be South. Pelosi makes me...........
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