Emergency Economic Stabilization Act of 2008
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:
- The government would have the authority to buy troubled assets from foreign banks and governments.
- The government, in certain circumstances, is authorized to pay more for the troubled asset than its current owner paid.
- A substantial bureaucracy to administer and inspect these programs is authorized.
- While the government is urged to mitigate foreclosures by interest rate changes and / or the forgiveness of principal, foreclosure is not ruled out.
- The government is authorized to begin buys before creating any policies, procedures or regulations concerning such activities.
Fire Congress!
Table of contents for Fire Congress
- Financial Disaster Coming?
- Is This Mortgage Worthless?
- Emergency Economic Stabilization Act of 2008
- Opposing the Bailout
- Bailout Fails!
- Why Do We Pay These People?
- Gabby Giffords to Resign from Congress
