more on the bailout

which i was actually planning to write a few weeks back, but got lazy. go figure. in my defense, my original link broke, and i had to track down a new one... all the .pdf versions are coming up no good.

my favorite section, which i hope i'm reading/interpreting wrong, is 112, which states (emphasis mine):

The Secretary shall coordinate, as appropriate, with foreign financial authorities and central banks to work toward the establishment of similar programs by such authorities and central banks. To the extent that such foreign financial authorities or banks hold troubled assets as a result of extending financing to financial institutions that have failed or defaulted on such financing, such troubled assets qualify for purchase under section 101.
that same section 101 that tells us the treasury secretary can purchase troubled assets "from any financial institution, on such terms and conditions as are determined by the Secretary, and in accordance with this Act and the policies and procedures developed and published by the Secretary."

so on top of wasting money to cover the stupid financial institutions in our own country, we're going to be covering for the mistakes made by other countries as well? i think we should focus on our own problems first and foremost.

speaking of focusing... president bush's original proposal was 3 pages long. the finished bill was 451 pages, and roughly 330 of those (i think it was actually a few more, but don't remember the exact page number) had absolutely nothing to do with the economic crisis. 75% of this bill was just addons to get enough of the senators to abandon any common sense they might have had and vote yes. to make it "good" enough for people to go along with, they had to turn it into a very bad bill indeed.

so, there are my two cents. i may have a bit more later... at work i get a copy of the banc investment daily; most of it is way over my head (or "above my pay grade"), but they've had some good things to say about the bailout.