The Obama Project@WindonWater.net

Crossposted from MyBO

Government buy-out is likely to tie the hands of the next president:

http://meganmcardle.theatlantic.com/archives/2008/09/watch_the_budget.php

And in the meantime, we are about to hand a blank check over to Hank Paulson, with 9once again) no oversight!

http://thepoliticalcarnival.blogspot.com/2008/09/paulsons-blank-check.html

We need to write to our senators, and we need to get Sen. Obama’s attention on this.  We need more oversight if taxpayer money is being spent.  We need a way to begin recouping this expenditure – that needs to be built into the plan, because our government has to serve US, not these financial houses that reamed-over the American people!

Read the legislation. Write to your congressional representative or senator or both! And write to Senator Obama.

Hurry people!  This is a fierce-urgency-of-NOW kind of thing!

QT

PS, Vince at MyBarackObama.com posts this link:

http://www.washingtonpost.com/wp-dyn/content/article/2008/09/20/AR2008092001059.html?hpid=opinionsbox1

A Bad Bank Rescue

By Sebastian Mallaby
Sunday, September 21, 2008; Page B07

With truly extraordinary speed, opinion has swung behind the radical idea that the government should commit hundreds of billions in taxpayer money to purchasing dud loans from banks that aren’t actually insolvent. As recently as a week ago, no public official had even mentioned this option. Now the Treasury, the Fed and congressional leaders are promising its enactment within days. The scheme has gone from invisibility to inevitability in the blink of an eye. This is extremely dangerous.

The plan is being marketed under false pretenses. Supporters have invoked the shining success of the Resolution Trust Corporation as justification and precedent. But the RTC, which was created in 1989 to clean up the wreckage of the savings-and-loan crisis, bears little resemblance to what is being contemplated now. The RTC collected and eventually sold off loans made by thrifts that had gone bust. The administration proposes to buy up bad loans before the lenders go bust. This difference raises several questions.