The Bush administration on Saturday formally proposed to Congress what could become the largest financial bailout in United States history, requesting virtually unfettered authority for the Treasury to buy up to $700 billion in mortgage-related assets from financial institutions based in the United States.Sorry I couldn't put this up so you could spit your Crispex into the screen, but I guess making you choke on your ham sandwich or swoon foppishly onto your fainting couch is just as good. $700 billion more. Blank check. No restrictions. Semi-annual report. Not even three pages. Blank check. Fed can do whatever it wants. Blank check.
The proposal was stunning for its stark simplicity: less than three pages, it would raise the national debt ceiling to $11.3 trillion. And it would place no restrictions on the administration other than requiring semiannual reports to Congress, allowing the Treasury to buy and resell mortgage debt as it sees fit.
Staff members from the Treasury Department and the House Financial Services and Senate banking committees immediately began meeting on Capitol Hill, where negotiations were likely to be complicated but quick. Democratic Congressional leaders have pledged to help approve legislation by the end of this week.
There's no possible way this is a bad idea! *flashes thumbs up*
If you had a sarcasm measuring machine, I'm sorry I just exploded it.
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