I see no reason for Congress to do anything until the next President takes office. This administration has cried wolf once too often.
If a bailout does have to happen before that time, the first three demands from Congress need to be:
1) The resignations of Henry Paulson and Ben Bernanke. 2) Repeal of The Financial Services Modernization Act of 1999, which is the root cause of much of this crisis. 3) Provisions that give the Government an equity stake in the debts being acquired. Put another way, the Government gets to own something that has an actual value rather than just bad paper debt.
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I see no reason for Congress to do anything until the next President takes office. This administration has cried wolf once too often.
If a bailout does have to happen before that time, the first three demands from Congress need to be:
1) The resignations of Henry Paulson and Ben Bernanke.
2) Repeal of The Financial Services Modernization Act of 1999, which is the root cause of much of this crisis.
3) Provisions that give the Government an equity stake in the debts being acquired. Put another way, the Government gets to own something that has an actual value rather than just bad paper debt.
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