America's North Shore Journal

Here is a link to the Financial bailout agreement. It is in PDF form. It is a long and complex document but a very quick scan reveals some issues for the American taxpayer.

Emergency Economic Stabilization Act of 2008

Lots of bad options were taken out. Still:

1. The government would have the authority to buy troubled assets from foreign banks and governments.
2. The government, in certain circumstances, is authorized to pay more for the troubled asset than its current owner paid.
3. A substantial bureaucracy to administer and inspect these programs is authorized.
4. While the government is urged to mitigate foreclosures by interest rate changes and / or the forgiveness of principal, foreclosure is not ruled out.
5. The government is authorized to begin buys before creating any policies, procedures or regulations concerning such activities.

Fire Congress!