However, what little I could find:
Obama laid out a six-point regulatory plan. It would subject all financial institutions that can borrow from the government to more oversight, crack down on trading practices he said border on market manipulation and create a financial advisory group to discuss potential problems with the president.
Obama also said he would push a $50 billion emergency economic plan to repair infrastructure and schools, offer a 10 percent tax credit on mortgage costs to middle-class homeowners and change bankruptcy laws to make it easier for people in financial trouble to stay in their homes.
Secondly, how the heck is $50 billion for infrastructure and schools related to this crisis. Obama's instincts to throw my money at problems are truly frightening. Also, memo to Suit, it already is almost impossible to lose your home in bankruptcy proceedings. so please get a clue. So after throwing $200 billion at Fannie and Freddie and another $85 billion at AIG, Obama says what the heck, let's throw down a side bet on infrastructure for another $50 billion. Meanwhile the federal deficit is approaching $500 billion this year before the costs of bail outs. Wait, the Fannie/Freddie bail out won't cost anything, the geniuses in the Bush administration have decided that liability shouldn't be on the government's balance sheet. (Bush must REALLY hate McCain.)
And about that alphabet soup comment. McCain is in fact correct, the overlap in jurisdiction creates uncertainty, but also opportunity for the unscrupulous who use the confusion to their advantage. More effective and accountable regulation, not new regulation might be a better prescription to go with not creating the messes in the first place.
1 comment:
B-Daddy, We've seen this stunt time and time again with the Democrats.
Recall the ecoonomic stimulus package where the Democrats inserted umpteem bazillion dollars for renewable energy projects.
Yes, but how exactly does that stimulate the economy?
Its reflexive. They can't help it.
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