This list is part of an article written by J. Boyd Page, and Atlanta attorney specializing in investment and securities litigation. It appeared in today’s Atlanta Journal-Constitution.
1. The $700 bill Wall Street bailout is merely a “drop in the bucket.” It will not correct Wall Street’s problems.
2. The bailout plan smacks of cronyism.
3. Treasury Secretary Paulson and Federal Reserve Chairman Bernanke do not understand the problems confronting the American economy and are not qualified “to be king.”
4. The bailout plan proposes to give Paulson unfettered discretion to do as he sees fit with no accountability to anyone and no review of his actions by either courts or administrative agencies.
5. The Wall Street bailout plan is a “knee-jerk reaction.”
6. President Bush and Paulson have proposed a bailout plan even though they have no idea of what to do.
7. The bailout plan will undoubtedly result in a weaker dollar with many adverse consequences for the American economy. The downdraft on the dollar from the hit to the balance sheet of the US government will dwarf the short-term gains from solving the banking crisis.
8. The bailout plan is unlikely to avoid a recession.
9. There is no transparency to the bailout plan. Lack of transparency is one reason our economy is in the position if finds itself in today.
10. Under the plan, the Treasury will pay above market assets for the assets that the country buys.
If I can’t pay my bills will he government bail me out?
Comment by Kevin Bussey — September 25, 2008 @ 3:45 pm
No bailout in Georgia.
41-30 SABANATION
Seriously, you are right. The bailout will only make some rich and many poor/poorer. The new CEO of Washington Mutual has only been in his position for three weeks, yet he will get eighteen million dollars for his work now that the bank has failed. He is crying all the way to the bank–another bank.
Comment by cb scott — September 27, 2008 @ 11:02 pm
What is infuriating is how no one in Washington is listening to their constituents. They are getting bombarded with calls and emails with most against this bill yet still insist on bailing Wall Street out.
We desperately need Term limits and to do away with lobbyists!!
Comment by SonyaD — September 28, 2008 @ 7:58 pm