On a slightly different note - but relates to the bailout plan: From a
Forbes article last week...
The more Congress examines the Bush administration's bailout plan, the hazier its outcome gets. At a Senate Banking Committee hearing Tuesday, lawmakers on both sides of the aisle complained of being rushed to pass legislation or else risk financial meltdown.
"The secretary and the administration need to know that what they have sent to us is not acceptable," says Committee Chairman Chris Dodd, D-Conn. The committee's top Republican, Alabama Sen. Richard Shelby, says he's concerned about its cost and whether it will even work.
In fact, some of the most basic details, including the $700 billion figure Treasury would use to buy up bad debt, are fuzzy.
"It's not based on any particular data point," a Treasury spokeswoman told Forbes.com Tuesday. "We just wanted to choose a really large number."
I feel this shows that it is all just a shot in the dark (as financial institutions like Chase has a trillion + in cash deposits). It has become funny money. I don't know what else to do, but I don't think this will do much but get the US past the election. At what point does it just implode? And for whom? I fear for those like my parents who were hoping to retire in the next 2 years. Ah, yea, not going to happen.