That's what the Treasury bailout plan is. High-grade, all beef, thinly sliced baloney. I like the editor's comment in the San Francisco Chronicle today: Henry Paulsen is not our king. Although I'm not sure he understands that. I also agree with the Senator I heard this morning on NPR (can't recall whom), who said, "Just because God made the world in 7 days doesn't mean we have to do this in 7 days."
Mr. Paulsen doesn't seem to have grasped the concept, basic to our democracy, of "checks and balances." Not to mention, "accountability" and "transparency."
I'm particularly annoyed when the Treasury and the Fed insist that the housing market won't recover unless Congress passes the plan as it stands. The implication is that the housing market will recover if it does pass the plan - and that's baloney, too.
The housing market isn't crashing because of tight credit - mortgage credit isn't that tight. The housing market is crashing because the huge backlog of foreclosed homes, on sale at fire-sale prices, is driving down real estate values. It's going to continue to crash as long as that condition exists - in my personal opinion, about another year and a half. Only major bargain hunters, who plan to stay a long time, want to buy a house that will be worth less than they paid for it in 6 months; and until we've finished the fire sales, that condition will continue to exist.
This is classic Bush administration propaganda: ride the fear. Only we can save you. We can't restrict executive compensation on bailed out firms or companies won't play with us. If that's really true - then don't bail them out. Let them fail. These yoyos are in this position because they are incompetent. They don't deserve huge payouts to go away and do it again somewhere else.
I am beginning to get sufficiently torqued with all of these idiots - who are in this position because they allowed their greed to overcome their common sense - that I think we should let them fail, and pick up the pieces as best we can. It won't be any worse for the people who are being foreclosed; they're already losing their homes. The rest of us watching our houses drop in value also won't see any change; see above, the housing crash cannot be affected by this crap, and they're lying to us.
This is the Bush administration's attempt to get monarchical powers for the Treasury secretary as well as the Presidency, and it should be blocked. Write your congressman; call your senator. Oppose this. I have.