I listened to the last hour of Treasury Secretary Henry Paulson Jr and Federal Reserve Chairman Ben Bernanke who appeared before the Senate Banking Committee today on Capitol Hill. During that hour, my favorite unanswered questions is "why do we have to give you all $700 billion now?" Committee members suggested financing some of the bailout and seeing how it goes. Never answering the original question, Paulson/Bernanke responded that they need it all now and made it clear that they don't want to be regulated. Most appallingly, they also do not want a plan that would provide taxpayers with a payout on their investment. It will be interesting to see where this goes. I have heard suggestions that this is the first step on a big scheme to restructure government, not only in this country, but with far-reaching global impacts. Would love to hear other's thoughts.
$700 Billion Bailout
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