Bailout Domestic AND Foreign?

October 2, 2008
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From the “devil’s in the details” corner check out the following two sentences from the 451 page bailout bomb passed by the senate last night.

SEC. 112. COORDINATION WITH FOREIGN AUTHORITIES AND CENTRAL BANK
The Secretary shall coordinate, as appropriate, with foreign financial authorities and central banks to work toward the establishment of similar programs by such authorities and central banks. To the extent that such foreign financial authorities or banks hold troubled assets as a result of extending financing to financial institutions that have failed or defaulted on such financing, such troubled assets qualify for purchase under section 101.

Two lowly sentences folks. Sixty Six subtle words. Yet that one little clause gives the Secretary of the United States Treasury authority to buy out FOREIGN toxic debt should he desire!

The only talk I’m hearing on the biz networks this morning is of the pork added on. While that is a disgrace in and of itself, providing a provision for buyout of FOREIGN paper is a dereliction of duty at best and constitutional corruption at it’s worst.

25 United States Senators stood firm and voted NO on the abuse. 15 republicans, 9 democrats and 1 independent. In the present they are “fools who would not see”, in the future they will be known as the few “redoubts of reason” who stood firm against a mob of unreasonables.

Hopefully, news of this sellout of the American Taxpayer will reach enough members of congress to have this section stricken before the House vote scheduled for tomorrow morning.

Yes, there is a financial mess, yes steps need to be taken. But it needs to be STEPS not a leap off the cliff.
©gc2008

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