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Politics : RAMTRONIAN's Cache Inn
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To: Norrin Radd who wrote (14204)10/1/2008 5:40:45 AM
From: NightOwl  Read Replies (1) of 14464
 
I don't know Mr. Radd... I'm about at the point of no longer caring.

Even with the added changes most likely to gain acceptance... this Bill is incredibly weak on CEO pay and regulation.

As best I can tell it relies exclusively on some combination of common sense and the honor code to assure that these banking twits don't run out and do the same thing tomorrow. Then too Paulson's presumed good intentions are the only guarantee of real foreclosure relief... utter wishful thinking.

All the Republicans seem to want is a so called "mortgage insurance" system that is neither insurance nor doable... and of course, their customary plea for capital gains tax cuts.

Meanwhile the liberals can't get their act together to put any teeth in this package because they and the Libertarian wackos have all been distracted by the size of the dollar amounts involved. Its really a shame because given enough time I think a substantial and practical wedge could have been driven between the neolibertarian base of the Republican Party and the Wall Street\community business association types.

It was a golden opportunity... but I suspect it was just such a situation which made Paulson available for the Treasury Sec. spot in the first place. His allies in US banks, in the derivative world of Hedge Funds, and in central banks abroad are too formidable as long as the opposition is divided and focused on ways to stop the only necessary part of this package... the $700B expense.

But after Paulson gets his $700B, there will be many more shoes to drop. And like Scarlett says... tomorrow is another day.

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