As if this bailout idea wasn't bad enough. The government keeps making it bigger and bigger. Why hasn't this been killed already!?
"The costs of the bailout will be significantly higher than originally considered or acknowledged," said Joshua Rosner, managing director of Graham Fisher & Co., who charged that the Treasury and Federal Reserve have not been "forthright" about the ultimate cost to the public. The plan gives Treasury the discretion to buy the non-mortgage loans and securities in consultation with the Fed.
This guy is speaking my language:
Sen. Jim DeMint, a South Carolina Republican who announced his opposition to the bailout Monday, said he simply doesn't believe Mr. Paulson when he says it will solve the market problems.
"His predictions have been consistently wrong in the last year," he said. "It's a sad fact, but Americans can no longer trust the economic information they are getting from this administration. ... There are much better ways of dealing with this problem than forcing American taxpayers to pay for every asset some investor doesn't want anymore."
How is it that we are suppose to implicitly trust the same people that got us into this mess in the first place!? If they couldn't predict this meltdown occurring now, then how can they predict what this huge bailout will do to our economy in the future?