> Dino wrote: >> >> BTW, it was Congress, controlled by Democrats, that wrote and passed the >> $750 billion bailout plan. >
It was based, however, on Paulson's plan which they only changed one line of. Basically they took Paulson's plan - can't really call it Bush's since he's MIA - and added a ton of pork to it so they could secure enough votes to make it pass. At the time Paulson was convinced that buying toxic assets off the banks was pure genius and that stock-injection was Japanese insanity; thus his original 3 page plan didn't contain provision for it and he told congress he wasn't going to do that. Then the dems brought forward the pork laden bill with one small change to Paulson's original doc. They changed the language to say that treasury could by "any asset". What this did was allow the bill to be sneaked past the banker lobby and gave Paulson political cover. See Paulson knew buying toxic assets would never work, but there was no way to get around Bush and the banking lobby; that's why he wanted zero oversight! So he could move against Bush! What the dems did was give him the language he needed to go with stock injection without telling the banking lobby. And here we are. ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~| Adobe® ColdFusion® 8 software 8 is the most important and dramatic release to date Get the Free Trial http://ad.doubleclick.net/clk;207172674;29440083;f Archive: http://www.houseoffusion.com/groups/cf-community/message.cfm/messageid:274864 Subscription: http://www.houseoffusion.com/groups/cf-community/subscribe.cfm Unsubscribe: http://www.houseoffusion.com/cf_lists/unsubscribe.cfm?user=89.70.5
