The news has been dominated by the government's proposed economic bailout of Wall Street: John McCain may even bow out of Friday night's Presidential debate because of it. The video above goes into some detail about what the debate in Congress is focusing on.
Last night President Bush addressed the nation.
"I understand the frustration of responsible Americans who pay their mortgage on time, file their tax returns every April 15 and are reluctant to pay the excess costs on Wall Street," he said. But, he added, "given the situation we're facing, not passing a bill now would cost these Americans much more later."
According to CNN:
By investing taxpayer money in assets with underlying value, even if the market isn't yet sure what that value is currently, the government may make "much, if not all" of the money back when it resells the assets after the markets return to normal, Bush said.
What do you think? Will the government (and, by extension, the taxpayers) wind up making this money back? If the government does make this money back will any of that be given back to the taxpayers in the form of some sort of economic stimulus package?
2 comments:
"not passing a bill now would cost these Americans much more later." -- has this been laid out somewhere? I still want to know how bad it could really get. I'm skeptical.
at what price is treasury buying these toxic assets?
why not require a reverse auction to ensure (to some extent) that us treasury is not intentionally overpaying his buddies at the banks?
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