Capital Commerce

Toxic Legislation for Toxic Debt

September 26, 2008 RSS Feed Print

It is clear to me that Republicans in Congress are very mindful of what happened to Democrats who voted for President Clinton's 1993 tax and budget proposal. They got wiped out in the 1994 midterm elections. On Monday, there were 150 or more GOP-ers in the House ready to vote for the bailout. But a week of no financial Armageddon and lots of angry constituent feedback mean now there are maybe 50 ready to agree to the evolving Paulson plan.

Tags:: government intervention,; Congress,; republican party

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headline News just showed a coulpe of blogs that showed people suggesting that, instead of bailing out companies, that amount of money is enough to give every taxpayer between $750K and $1M apiece. THats actually enough for everyone to pay off their mortgages and posssibly other debt. Too bad noone in our government would ever consider it. They would much rather loan taxpayer's money to banks and lending institutions who will then add interest to it and loan it back to us taxpayer, thereby making a nice profit for themselves.

MET9 of CT 6:40PM September 28, 2008

Somehow, this toxic debt must detoxed by lowering the risk and auctioning it off to the highest bidder. It is only toxic because the orginal purchaser was mislead by bullstuff. The risk can be lowered by refis, payment adjustment or other means and an auction allows for price readjustment by market forces. What is really worrisome about this entire mess is that while talk has been about the bailout, the original cause continues to exist. These markets must be reregulated before bailout!!!

Ray Fisher of NM 1:21PM September 28, 2008

This sounds more like a slush fund for banks so when they go bad again, the public does not have to know about it. They just call the government and ask for more money.

of IN 1:30PM September 27, 2008

Toxic Legislation for Toxic Debt

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