Maybe the Bail Out Shoudn't Pass

Word has it the Wall Street Bail Out did not pass through Congress.
Maybe it shouldn't.

I just did something I bet you haven't done: I just read the 120 page bill.
The biggest problems are in the first 10 pages.
All that money and all the power to do whatever he wants, goes to the Sec. of the Treasury.
With oversight conducted by a board made up of the Head of the Federal Reserve, the Head of HUD, the Head of the FDIC. The same people who have gotten things so wrong in the past.
And can you imagine how contentious the Affirmation Hearings in the Senate will be when the new President has to appoint new people to those positions?
If I were a Congressman, I don't think I would vote for this bill.

Apparently, Dennis Kucinich agrees with me:
The $700 billion bailout for Wall Street, is driven by fear not fact. This is too much money in too a short a time going to too few people while too many questions remain unanswered. Why aren't we having hearings on the plan we have just received? Why aren't we questioning the underlying premise of the need for a bailout with taxpayers' money? Why have we not considered any alternatives other than to give $700 billion to Wall Street? Why aren't we asking Wall Street to clean up its own mess? Why aren't we passing new laws to stop the speculation, which triggered this? Why aren't we putting up new regulatory structures to protect investors? How do we even value the $700 billion in toxic assets?
Why aren't we helping homeowners directly with their debt burden? Why aren't we helping American families faced with bankruptcy. Why aren't we reducing debt for Main Street instead of Wall Street? Isn't it time for fundamental change in our debt based monetary system, so we can free ourselves from the manipulation of the Federal Reserve and the banks? Is this the United States Congress or the board of directors of Goldman Sachs? Wall Street is a place of bears and bulls. It is not smart to force taxpayers to dance with bears or to follow closely behind the bulls.