I am concerned that no one can coherently explain how this $700 billion bailout works. All I keep hearing is “We need it and need it fast.” Aren’t you as troubled by this as I am?
Someone (Paulson, Bernake, Greenspan, Dodd, etc.) needs to explain in terms the American people can understand:
**What is the essential problem–“illiquidty” isn’t a sufficient definition of the problem.
**How did we come to a figure of $700 billion?
**How does $700 billion resolve the current “problem?”
**Specifically, what is going to happen to “bring the money into the system?” What happens to the assets the loans are against?
**If this bailout only addresses bad mortgages, what happens to the people in foreclosure or soon to be in foreclosure? How do they benefit or lose from this?
**How does this bailout hurt America. [There has to be downside implications.]
**What would happen if these inliquid companies simply went into bankruptcy? Why is that a less desirable choice than spending $700 billion or more?
**What assurances are there that we won’t be back looking for more money in 6, 12, 24 months?
**What is the oversight plan? [“None” is not a viable answer.]
We need answers, not rhetoric. Party affiliation doesn’t matter–this affects everyone.
What do you think? Democrat Dave