Experts Say: Congress Should Not Panic
“We ask Congress not to rush, to hold appropriate hearings, and to carefully consider the right course of action.”
-231 eminent Professors of Economics, including 3 Nobel Laureates
Still Million Dollar a Month Salaries… Still Tens of Billions to the Bank of China…
Be Skeptical of Senate Bailout Bill -- All the Old Problems Remain
A Single Comprehensive Updated Article by Congressman Brad Sherman
October 1, 2008
• Taxpayers highly unlikely to recoup any of the costs under revenue provision added last Sunday
• Treasury will not use the new insurance powers added to the Bill last Sunday
• Tens of billions will go to foreign investors
• Million-Dollar a month salaries will continue
• Oversight Board can critique, not halt, any action
• Few if any homeowners will get mortgage relief
• All $700 billion can be spent by January 20, 2009
• Taxpayers will get little or no equity upside
• Meaningful regulatory reform proposals will be subject to filibuster, delay, and dilution
• We have time to write a good bill
New Senate Provisions: No Reason to Switch to “Yes” Vote
The Senate will attach its tax extenders bill to the House-defeated Bailout Bill. The Senate tax extenders bill is the very bill Hoyer refused to bring to the floor Monday, September 29, because of its gross violation of pay-go. If the Bailout Bill is open to tax provisions, why not attach the bills that prevent hedge fund managers from paying zero tax by using Cayman Island tax havens? Why not add the Credit Card Holders Bill of Rights, which recently passed the House?
The Senate Bill also increases the FDIC limit to $250,000. We don’t need to send $700 billion to Wall Street to make this change. (cont'd)
(great read)
http://www.house.gov/sherman/081001comprehensive_article.pdf
Printer-friendly format
Email this thread to a friend
Bookmark this thread
(1000+ posts)
Send PM |
Profile |
Ignore
