Sep 28 2008
Emergency Economic Stabilization Act of 2008 ~ A Review
Purpose – to unscrew the financial system by giving more power to the Sec. of the Treasury.
The act is supposed to:
~ protect the value of homes, college funds, life savings, and retirement accounts (this is the Feds job how, again?)
~ “preserve homeownership and promote job and economic growth” (when did owning a home and having a job become a Constitutional right?_)
~ not totally screw taxpayers (yeah that’s not how they said it but that’s what they meant)
~ “provide public accountability for….(this) authority” (right b/c our government is so good at transparency)Damn, I hate it already and that’s the first page.
Trap…uhm I mean TARP
Which is the acronym for Troubled Assets Relief Program
Let’s the Sec of Trea buy and fund bad debt on his own terms within the bounds of the Act. – he also has to give us (the pubic) an explanation of how he’s purchasing, how he’s coming up with the pricing, how he’s selecting managers, and how he’s deciding what qualifies as ‘troubled assets’
OH and he can’t let companies make a killing at the expense of the taxpayers..but there are loop holes aplenty. (page 9 lines 11-22)
Pages 10, 11, and 12 detail how he must do his thing
Pages 13&14…talks some more about saving Americans from themselves and making sure all the lenders get a chance at the taxpayer money.
Pages 14-17…talks about the oversight board (trying not to laugh, really)
Pages 18-21 …reports for and from the oversight board about the $ trail
Pages 21-22 …sales procedures pretty much says the Secretary can do whatever the hell he wants with what he buys.
Pages 25 Helping people whose homes are in foreclosure not lose their homes b/c heaven forbid that anyone live within their means. (going so far, mind you as reducing the PRINCIPAL of the loan page 28 line 17 if you don’t believe me)
Pages 30-32 talk about corporations and heads of those corporations (top 5 execs of a public company) not being able to make a killing off of the fed.
Pages 33-38 talks about minimizing the negative impact on the taxpayers who are having to bail out rich ass gamblers and people who bought more than they could afford.
Pages 39-57 blah blah
Page 57- funding. Proceeds from sales of acquisitions…hmm but how about buying the acquisitions in the first place. ::sigh::57-67 blah blah
Page 68 Here is the answer to that funding question “Increase in Statutory Limit on the Public Debt which is now a few billion over ELEVEN TRILLION dollars.
The rest of it is mostly CYA bullshit that I can’t even care about. FUBAR
Yeah so in case you missed it I pretty much think the entire thing sucks and that feeling of dread I’ve had since they bailed out the insurance company is just getting worse.
There ya have my little summary if you want to read the entire thing it is here. What are your thoughts?
You mean I gotta comment twice? Jaysus, birdie, what are you tryin’ to pull?
So, yeah, it’s a load of crap. I have come to realize that we simply can’t let everything go to shit, though. Having said that, we shouldn’t approve this bill. I’m all for storming the NYSE. It’s too bad most of this country is pissed, but too apathetic to do anything about it.
Revolution!
Hack bloggers of the world: UNTIE!
yes, that was on purpose
Oh, and by the way:
http://www.nbc15.com/state/headlines/29864149.html
I think there are many homeowners caught up in this who had homes within their income bracket - I just hope that it’s these people that are helped. It’s usually those at the low budget end of things who lose out. As for the plan, yeah, well I got through the summary and that was enough to blog about!