Originally Posted by Muncle

Unfortunately, the current bailout legislation is quickly becoming a tool for additional billions in pet projects. Schumer(sp?) & Co in the Senate and scores of House members will attempt to add on their favorite welfare bills that could not and would not pass on their own.

And the 700 billion dollar bailout isn't WELFARE....

And the crude oil price is surging and dragging us down further. Drill, baby, drill!! Suggestions are we should invest in the Middle East, oyyyy!

Originally Posted by Muncle

Unfortunately, the current bailout legislation is quickly becoming a tool for additional billions in pet projects. Schumer(sp?) & Co in the Senate and scores of House members will attempt to add on their favorite welfare bills that could not and would not pass on their own.

Actually its a little different than the content of the post above.....

The Democrats and some Republicans object to this section....

Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.

Not a lot of people know about this section..Congress wants some oversite.

The CEO's of the bailouted companies, would still receive a golden parachute, in the case of AIG that was 22 million dollars. The issue of these packages has to be addressed.

Of course old GW is against limiting these parachutes..

http://abcnews.go.com/Business/Polit...5855805&page=1

Also this package has no relief for the people of mainstreet....this will only bailout Wall Street and some foreign banks including Barclays and USB

If this is my money I would like to know where it was going....but I forgot it is my money and by the way your money also.

Got to disagree with you Villages Kahuna. We weren't inattentative. We were very attentative to how much money we were making on our investiments and didn't care how it was being done or what affect it was having on the economy in the long run. Believe this comes under the heading of GREED. Since we ultimately caused the problem, we're going to have to pay to get it corrected. How do we do that? Sorry, dumb question!

I don't think we should allow the bailout money to go through without some guidelines on it - I agree with McCain's idea of having a bi-partisan panel, Romney - rep, Warren Buffett- dem, etc to decide who gets the bailouts. I cringe to think one person (Secretary Paulson who was a Wall Street CEO before becoming secretary) could decide who gets how much money without anyone looking over his shoulder. I also agree there should be no golden parachutes if they want the money for the write downs. My opinion.

It was announced today on CNBC that the CEO of AIG turned down his $22 million dollar severance package. If you want to hear some good discussion on various aspects of the bailout, this is a good channel to get it.

They were joking today, that the most powerful person after the election will not be the president but rather, whoever is appointed the new Treasury secretary. I think it would be a BIG mistake not to have some type of oversight, whether it be Congressional or other. The current administrative positions (appointed by Bush) of the SEC, Treasury and the FED allowed the excesses of the past couple years to occur. I'm not sure they should be allowed to administer $800 billion dollars of our taxpayers (and future taxpayer's) money without someone looking over their shoulder occassionally.

Just today, they expanded the number of companies that cannot be shorted to include GM, GE, American Express, etc.. I'm sure there are others that asking for this designation in order to help prop up their stock prices.

CD's and Bonds look better everyday, at least they preserve capital.