I-CON INFO EXCHANGE

In case you don't have enough indigestion, here are a few articles from Newsmax's "MoneyNews.com". But the reason I'm posting them is because they helped me understand in a bite-sized, clear way some of the issues of this bailout debacle. Hope they'll help you, too.

There is SO much wrong with this plan, and frankly I've not heard anyone outside of the Bush Funhouse who thinks it's anything but BAD. But for me, the scariest and most unAmerican part is the prohibition of any review at all. Unbelievable that a Republican admin created this plan. Oh but this is a Bush admin... momentarily forgot that part. J

Rogoff: Taxpayers Will Owe $1 Trillion
The federal government's rescue plan comes with a very high price tag for American taxpayers. Ken Rogoff says they will be left facing a $1 trillion deficit — if not double that figure.

"I can't imagine this crisis is going to end up costing the government less than 6 to 7 percent of GDP," the former chief economist of the International Monetary Fund told the Financial Times…

Think $700 Billion Is the Limit? Think Again
…It's just the ceiling on the outstanding amount at any one time. The proposal does not in fact set forth an expenditure limit. Instead, it gives Treasury virtually imperial powers, making decisions by the Secretary "non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.".... [Unbelievable!]


Foreign Banks Will Get Treasury Support Too
It looks like foreign banks, which were initially excluded from Treasury Secretary Henry Paulson's bailout proposal, will be able to sell the toxic American mortgage debt owned by their American units to the Treasury and wind up getting the same treatment as U.S.banks.
"It's a distinction without a difference whether it's a foreign or a U.S. one," Paulson told Fox News...