[JasonC]

You don't get it - the solvant banks simply won't take the deal, the result is the bill does nothing. Have you read the bill? The salary cap rules chase the individual bankers around whatever happens to them or their bank. The warrant requirement says nothing about the amount, leaves that up to treasury discretion, then instructs the secretary to exercise that discretion for the maximum gain of the treasury. Meaning, only bankrupts will play. Then also, no one can sell to the treasury unless at a loss --- in the bill.

This was meant to be a way of getting this gunk out of the banking system. Instead it is an offer to nationalize the entire banking system if any takes a dime. They aren't going to.

[Notary Sojac]

Then also, no one can sell to the treasury unless at a loss --- in the bill.

If no one knows what these assets are really worth, how can you be sure that they are selling them to the treasury at a loss??

They could be selling something to Paulson at 60% of face value which might truly be worth only half that.

[TigerLikesRooster]

Perhaps they are not idiotic but trying to cover for their associates. In the time likes this, you need the perfect plan, which won't be forthcoming, realistically speaking. Any bill like this would be biased toward saving some over the rest. The better connected over those who aren't.

Still I am wondering if there was a perfect plan to turn things around in the first place.

[RSmithOpt]

That was take on the trash bailout bill. What a joke. After reading 80% of the 459+ pages and referencing to other bills mentioned....a clever trap other than the $135 billion in earmarks, Xmas tree decorations.

The Congress just gave the Treasury Secretary way way too much power.

[LomanBill]

[This was meant to be a way of getting this gunk out of the banking system.]

 

Well, you really seem to want us to believe that was the purpose, comrade Jason; and maybe you even believe it yourself.

 

I observe, however, that all it does is facilitate this:

 

[The strategy of forcing political change through orchestrated crisis. The "Cloward-Piven Strategy" seeks to hasten the fall of capitalism by overloading the government bureaucracy with a flood of impossible demands, thus pushing society into crisis and economic collapse.]

http://www.americanthinker.com/2008/09/barack_obama_and_the_strategy.html