Paulson says this must be done by Friday, something stinks. $700 billion, isn’t that larger than the entire military budget?
That 700B is going against a 50 trillion world collapse.
He sure is pushing for this whole nightmare with no oversight, isn’t he?
Please understand, the $700 Billion is a "rolling" amount. What do I mean by this?
This bill will give Paulson complete dictatorial power to "buy" whatever financial debt he wants to. This debt will be split into $50 Billion dollar "tranches" (i.e. pots of money). These tranches will then be sold to the bond market as AAA rated securities backed by the U.S. government (a.k.a. taxpayer). Once a tranche is sold then Paulson can buy MORE debt and still be within the $700 Billion dollar limit.
In short, what I'm trying to say is Paulson can run the 4 to 5 TRILLION of toxic waste in Fannie Mae and Freddie Mac through the $700 Billion bailout plan!
The idiots in the media don't even know enough to explain this to the public!