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Read the Sherman Blue Paper On The Bailout Bill

Today, the House of Representatives is going to vote again on a bill to bail out Wall Street investment firms – and the overseas investors in countries like China and Saudi Arabia who have funded those firms. You’ve got very little time in which to educate yourself on the new bill and to contact your representative in the House of Representatives, but it’s very important that you do so.

Let me suggest one excellent resource to provide you a very quick education on the weaknesses in the Senate bill that the House will vote on today. Congressman Brad Sherman’s Blue Paper on the legislation is just 7 pages long, but discusses all the following problems:

– Taxpayers highly unlikely to recoup any of the costs under revenue provision added last Sunday
– Treasury will not use the new insurance powers added to the Bill last Sunday
– Tens of billions will go to foreign investors
– Million-Dollar a month salaries will continue
– Oversight Board can critique, not halt, any action
– Few if any homeowners will get mortgage relief
– All $700 billion can be spent by January 20, 2009
– Taxpayers will get little or no equity upside
– Meaningful regulatory reform proposals will be subject to filibuster, delay, and dilution
– We have time to write a good bill

8 thoughts on “Read the Sherman Blue Paper On The Bailout Bill”

  1. Bryant Arms says:

    The financiers are desperately trying to snooker us again. We, the taxpayers, will never see that money once Congress caves in to special interests, (as usual). If we try to get it back by taxing these businesses, then they will take the good parts of their portfolios and flee to other countries. Suckers!

    If we use that money to enhance social security, then all of the retirees that lost their retirement funds in the stock market will at least be guaranteed a reasonably comfortable retirement. (The only ones who will still be unhappy are the ones trying to retire to their mansions.)

    Finally! Congress has found the money to make social security work.

    Let Congress know that if they get fooled by this bailout, then the only thing for voters to do is punish congress the way it was punished for the gulf war.

    Bryant Arms

  2. Peregrin Wood says:

    Augh! Stock Market up 225 points! They obviously need our money! Let’s give them one jillion dollars now, before it’s too late!

  3. darebrit says:

    Is it unreasonable to request that the GOVERNMENT gets back to work and takes the time neccessary to resolve this issue effectively? Or is the panic engineered deliberatly to force us to make decisions that only benefit those who have already FUBARed the economic future of our country?

    Between now and the inauguration of the new president, Congress and the Senate can resolve these issues effectively, WITHOUT interference from GWB.

  4. Troyboy says:

    Write and call your Senators and stop whinning. For once I totally agree with you, COX, FRANK, and the two Heads of Freddie and Fannie should spend the next twenty in Federal Prison. And not a dime should be spent on this “bail out”…

  5. Tom says:

    Well, they passed the bill. Great representative government we have going for us, really lookin’ out for our best interests. Kids who haven’t even been born yet will be paying this off (if we haven’t dissolved into some Road Warrior world by then). Talk about rape and child molestation, whew this takes the prize for inhumanity. These last few months of W’s dictatorship has really produced some legacy, haven’t they?

  6. Handrock says:

    How the hell is this W’s fault. Where the heck is Balarney Frank, Bill Clinton and Jimmy Carter’s culpability in all this mess as well the two loosers that ran Freddie and Fannie? This bail out is the result of greed and poor oversight on Wall Street as well as the Democracts willingnes to buy votes from the poor at our expense. This situation isn’t a partisan issue, it was GROSS incompetence from everywhere.

  7. Peregrin Wood says:

    It’ W’s fault because he pushed, a few years ago, policies to establish what he called the “ownership society”, encouraging more home loans to more people who would not be ordinarily approved for those loans.

  8. Handrock says:

    Ithink you need to research the “COMMUNITY REINVESTMENT ACT” that was started under Jimmy the Castro Carter…SEE

    THen you might want to watch Barney Frank in an interview pushing the stock of Freddie and Fannie. SEE

    Get over the rabid hatred and get facts…..

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