Draft details are making it to the press, finally. Highlights:
WASHINGTON - The Bush administration is asking Congress to let the government buy $700 billion in bad mortgages as part of the largest financial bailout since the Great Depression.
The administration is asking Congress for far-reaching new powers to take over troubled mortgages from banks and other companies, including purchasing sour mortgage-backed securities.
You can read the details here:
Bush seeks $700 billion for bailout - Stocks & economy - MSNBC.com
If the details don't make your jaw drop I don't know what will. There is no word yet on what the Feds will be asking/taking in return.
One thing is clear, Republicans no longer have the right to accuse Democrats of being socialists because they're now rolling around in that gutter and remaking it.
Whichever candidate gets office will be walking into a bloody mess. I'm not sure either candidate can come up with a comprehensive package that will fix anything. At this point it seems all they can hope to do is stem the tide and slowly begin to turn things around. That too will take years. Both may be well and truly screwed in regards to how the American people view them because neither is going to be able to implement those immediate fixes they like to talk about. All predictions say the housing market for instance is going to worsen for at least another 2 years. It is a mess.
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