I think the punchline in all of this is this quote from this Bloomberg article?:
As congressional aides and officials scrutinized the proposal, the Treasury late today clarified the types of assets it would purchase. Paulson would have authority to buy home loans, mortgage-backed securities, commercial mortgage-related assets and, after consultation with the Federal Reserve chairman, ``other assets, as deemed necessary to effectively stabilize financial markets,'' the Treasury said in a statement.
The Treasury would also have discretion, after discussions with the Fed, to make non-U.S. financial institutions eligible under the program.SO not only are we going to create inflation that will make the 70's look like a picnic, we're going to bail out FOREIGN FIRMS in the process?!?! We the tax payer are letting our elected and appointed officials tax us to eliminate the investment risk of foreign interests. What happened to capitalism and how are we responsible for the horrible business decisions of the United States of Wall Street?
All you voting Democrats and Republicans that religiously hate the other party and think your representatives are the messiahs, congratulations - you'll get what you deserve.