This is all about moving the Crash out past the Election...Robbing Peter to pay Paul....

[Junkdrawer]

It's the end of the month and you can't pay the mortgage and your credit cards, so you apply for a new card with a big cash advance.

Gets you past this month and makes the inevitable crash that much worse.

Check this: The latest date for revealing the guidelines was extended to 45 days instead of 30.

Remember, the Election is in 36 days...

Old Language:

(d) PROGRAM GUIDELINES.—Before the earlier of the end of the 2-business day period beginning on the date of the first exercise of the authority under this section or the end of the 30-day period beginning on the date of the enactment of this Act, the Secretary shall publish program guidelines, including the following:
(1) Mechanisms for purchasing troubled assets.
(2) Methods for pricing and valuing troubled
assets.
(3) Procedures for selecting asset managers.
(4) Criteria for identifying troubled assets for
purchase.


http://banking.senate.gov/public/_files/LegislativeTextofChairmansDoddsproposalfortheTreasuryBailoutplanAYO08B68_xml.pdf

New Language:

(d) PROGRAM GUIDELINES.—Before the earlier of the end of the 2-business-day period beginning on the date of the first purchase of troubled assets pursuant to the authority under this section or the end of the 45-day period beginning on the date of enactment of this Act, the Secretary shall publish program guidelines, including the following:
(1) Mechanisms for purchasing troubled assets.
(2) Methods for pricing and valuing troubled assets.
(3) Procedures for selecting asset managers.
(4) Criteria for identifying troubled assets for purchase.

http://www.huffingtonpost.com/2008/09/28/bailout-legislation-full_n_130063.html

They don't want you to know what they're going to pay for what worthless junk. They keep saying "mortgage" debt, but the bills language includes credit card, car loan and all manner of "troubled assets".

Nothing good will come of this. Worse, any hope of funding Alternate Energy, Infrastructure Repair, and Health Care Reform will find the cupboard bare.

[jimshoes]

1. Ah, but they will have a new layer of bureaucrats

that wil profit handsomely from sucking the public tit for years.

[still_one]

2. It is more than that, it will also prevent a reset of troubled mortgages to a higher rate

and a complete financial melt-down due to a complete loss of liquidity

Healthcare and the Supreme Court both will happen

In addition, this plan will be done in incremental amounts, and release of those incremental amounts must go through the oversight board