Info on bailout
September 28th, 2008 by JackToday, details on the “economic rescue plan” were made available. To make it easier on folks to learn about the plan, I’ve created a webpage where my staff and I are compiling information. I urge you to read it and to contact me with your thoughts on the plan.
As we post this information on the web, I am in Washington deliberating on the economic rescue plan or ‘bailout’. We have been in session all weekend with countless meetings attended by Secretary Paulson, Federal Reserve Chairman Bernanke, Vice President Cheney and many of the President’s Economic Advisors. At this time we are having more meetings tonight.
The questions are endless. Why $700 billion? How did we get into this mess? If Congress doesn’t act, what are the actual consequences? How will the Treasury Department exercise these new powers? How will the transition between President Bush and his successor work? What are the mechanics of each section of the bill? How do we punish those who exercised bad judgment? How do we protect the taxpayers? Can we spend less money and still restore market confidence? Since there is no market for bad mortgages, how does the federal government value these properties when it buys them?
The proposed bill is over 100 pages. Everyone is looking it over very carefully. Your input is welcomed. That’s why I’m posting it along with some related facts and opinions.
We will be voting on this in the House in the next twelve hours and the Senate will vote on Wednesday or Thursday so there’s still time to make your voice heard.
To see the website, click here or direct your browser to http://kingston.house.gov/bailout