The Bush administration asked Congress on Saturday for the power to buy $700 billion in toxic assets clogging the financial system and threatening the economy as negotiations began on the largest bailout since the Great Depression.
The rescue plan would give Washington broad authority to purchase bad mortgage-related assets from U.S. financial institutions for the next two years. It does not specify which institutions qualify or what, if anything, the government would get in return for the unprecedented infusion.The proposal would raise the statutory limit on the national debt from $10.6 trillion to $11.3 trillion to make room for the massive rescue.
The current proposal performs more of the following: Socialize the losses, privatize the profits. Hell No! Why should the taxpayers spend hundreds of billions of dollars more to bail out irresponsible corporations on Wall Street?
I know some of the proponents believe that do nothing is worse then the bailout as it could lead to a depression. But bailing out these reckless risk takers just encourages this type of risky behaviour in the future.