Bailout bill is for foreign investors (credit, buy, sell, bank)

[HappyTexan]

Shocking transcript of Kudlow and Rep. Brad Sherman.
I read it somewhere else but no link was provided. Well, here's the link with the transcript:

Safe Haven | Rep. Brad Sherman On Bailing Out Foreign Investors

snippet:

"Larry you have to read the bill. It's very clear. The Bank of Shanghai can transfer all of its toxic assets to the Bank of Shanghai of Los Angeles which can then sell them the next day to the Treasury. I had a provision to say if it wasn't owned by an American entity even a subsidiary, but at least an entity in the US, the Treasury can't buy it. It was rejected.
The bill is very clear. Assets now held in China and London can be sold to US entities on Monday and then sold to the Treasury on Tuesday. Paulson has made it clear he will recommend a veto of any bill that contained a clear provision that said if Americans did not own the asset on September 20th that it can't be sold to the Treasury."

[chuck22b]

Well, guess who's going to resume providing credit after the bail out? Guess who is restricting credit conditions now?

We already know who owns US. If there is a next time... maybe we can use the "credit" to build on infrastructure, production capacity, R&D, energy independence... rather than housing. This way we can work on really solving our fundamental economic issues (consumption > production).

As long as we have a trade deficit... we'll have someone owning US... or lending US credit.

-chuck22b

[sterlinggirl]

Sooner or later, Paulson is going to have a mob at his door.

I think I could live with this plan:
http://www.bloomberg.com/apps/news?p...Bjg&refer=home

[HappyTexan]

The bill passed the Senate folks. Both Obama and McCain voted FOR it.

[tallrick]

Just as I figured, I know a bailout will be pushed through eventually. Congress does not serve us but their contributors.