Bailout Bill Analysis

I just finished reading the story of the “great bailout” as reported by Jeanne Sahadi, Senior Editor of CNNMoney.  I was enthralled by the lackadaisical and inane reporting methodology utilized in the news item.  I am, like you, keenly interested in the most important financial legislation, since the Great Depression, and would like to know what’s up.  This is a great example of how our news is delivered to us.    After reading the article, I have more questions than carter has pills.  It is extremely frustrating to know that time, money and energy are wasted on no research and no substance of the proposed legislation, which may or may not come to fruition and supplies me with little substantive information.  Why would someone waste time by writing such a sophomoric overview without taking the time to fill in the blanks?  I seem to rely on these people to gather, absorb and truncate for me.  Perhaps I have awakened from a Rip Van Winkle.  This will be fun. 

I am going to dissect this article paragraph by paragraph, and question some key points that seem to have been left hanging off the gutters of our foreclosed homes.  It seems as though journalism has gone the way of the 6 second sound byte and Ms Sahadi’s report offers no more insight than a “for sale” sign.

So, I will attempt to raise pertinent questions “paragraph by paragraph”.  Line item analysis of this “analysis of the bailout according to  (Garp?)  It’s not possible…it went the way of the line item veto.  Unconstitutional….the Supreme Court said.  The President agrees or sends it back to Congress.  So here goes…just the facts ma’am.

NEW YORK (CNNMoney.com) — The federal government would provide as much as $700 billion in a far-reaching plan to rescue the nation’s troubled financial system, according to a bill released by leading lawmakers on Sunday.

Questions:     If it’s a bill and it’s released then what are the details?

What is the figure exactly?  What is “as much as” to you people?  200 Million?  400?  What is the number?

                        Define the “financial system” and why does “it” have trouble?

                        Who are the lawmakers involved?

House Speaker Nancy Pelosi, D-Calif., said she hopes the House will take up the bill on Monday. Sen. Majority Leader Harry Reid, D-Nev., said he believes the Senate can move on the legislation by Wednesday.

Questions:            Who the hell is Nancy Pelosi and what is she hoping for?

So, how does this thing work anyway?  (Two part question)   How does the congress pass a bill?

Why didn’t you guys work this hard for us before?

Pelosi said the provisions added by Democrats will protect taxpayers from having to pay for the bailout.

Questions:             What provisions did the Democrats add?

How will these provisions protect the taxpayers from having to pay for the bailout?

If we, as taxpayers, do not pay for the bailout….then who does?

“We sent a message to Wall Street - the party is over,” she said at a press conference with Reid and other Democratic leaders from the House and Senate.

Question:        So, I’ve been having a party and…I didn’t know about it?   Where was it held and why wasn’t I invited?

Perhaps my invitation was lost.  Was it?            (two part question)  And, if so…where?

Note:  So, now let’s go back to paragraph two which states:

House Speaker Nancy Pelosi, D-Calif., said she hopes the House will take up the bill on Monday. Sen. Majority Leader Harry Reid, D-Nev., said he believes the Senate can move on the legislation by Wednesday.

Questions:     So Speaker Pelosi “hopes” and Sen. Reid “believes”…hmmmm.  What does that mean?

                        Why did you allow a party in the first place?

The core of the bill is based on Treasury Secretary Henry Paulson’s request for authority to purchase troubled assets from financial institutions so banks can resume lending and so the credit markets, now virtually frozen, can begin to operate more normally.

Questions:              How does the Treasury Secretary get authority?  I thought we elected you people to take our best interest at heart…and by the way… didn’t you guys just give oversight authority to the FED?  Ohhhhh …sorry, didn’t mean to get your panties in a wad.

WELL I AM FREEZING MY ASSETS OFF?  WHAT IS THIS GOING TO DO FOR ME?

Sign up here for answers to all these questions and more…wait if you buy today….sorry the sale is off until further notice.

If you want a real writer why don’t you contact ME.  Will work for solar power.

http://money.cnn.com/2008/09/28/news/economy/Sunday_talks_bailout/?postversion=2008092820

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