Posted on 05/18/2010 6:58:03 AM PDT by reaganaut1
[A]n amendment just filed yesterday from Sen. Gregg (R-NH) on state/local bailouts [...] would prohibit the use of federal funds to purchase or guarantee obligations of, issue lines of credit to, or provide direct aid to any state or local government which has defaulted or is likely to default absent federal assistance. This would explicitly prohibit Treasury assistance, and would prohibit the Fed from purchasing, guaranteeing, or taking as collateral any obligation of a state/local govt that has defaulted or is likely to (the Fed can currently buy investment grade state/local debt with a maturity of up to 6 months). Senate leaders have set a 60 vote threshold on this vote, implying that the chances of passage aren’t very good (though it we’d note the same thing was done last Thursday on credit card interchange, only to see the amendment prevail anyway to the surprise of many).
That’s a good idea but a better idea would be a bill that prevents the federal government from mandating or imposing it’s BS on states to begin with.
A trillion dollars too late.
How about preventing the federal government from bailing out corporations??
There's already one like that. How much good has it done?
Snowballs in hell have a better chance.
Yes, Yes, Yes
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