"The administration is asking Congress to give it sweeping new powers to execute the plan."

[antigop]

http://talkingpointsmemo.com/news/2008/09/govt_rushing_to_finish_huge_fi.php

President Bush, flanked by Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke, acknowledged that the program will put a "significant amount of taxpayers' money on the line."

Markets unhinged by anxiety in recent months greeted the plan enthusiastically. The Dow Jones industrials shot up over 400 points and stayed in that territory into the afternoon. Global stock markets soared, too.

The administration is asking Congress to give it sweeping new powers to execute the plan. Paulson said it "needs to be big enough to make a real difference and get to the heart of the problem."

Paulson gave few details but said he would work through the weekend with leaders of Congress from both parties to flesh out the program, the biggest proposed government intervention in financial markets since the Great Depression. Members of the Senate Banking Committee said they had yet to receive details of the proposal, but were ready to move quickly when they do.

So they're ready to "move quickly" on a plan they don't even have details on yet.

[NOW tense]

1. Don't Act as quick as you did with the Patriot Act

I smell something fishy and people should be wary of sweeping new powers. Don't hand over our freedom for the price of an okay economy.

[antigop]

3. 'cept I'm not sure we'll get an "okay economy". Welcome to DU. n/t

[MUAD_DIB]

2. Its an economic Reichstag Fire...

[AllieB]

That's exactly what I thought too.

I don't think it was necessarily done on purpose, but they definitely added gasoline to the fire so they could take advantage of the public.

[truedelphi]

5. And perhaps all they are doing is this

One: shoring up the economy temporarily so that it helps McCain improve his chances on NOv 4th

Two: If it doesn't improve his chances, it might just be the needed action - allowing the history books to say that the Great Depression The Sequel occurred under President Barack Obama's term

[elehhhhna]

4. Pelosi will cave in 10...9...8...

[CanonRay]

6. The taxpayer is screwed, just like with the RTC

That "bailout" was set up so the same guys who caused it, made money off the government on the other end, buying the crap back from the government. The Gov was stuck with whatever was left. I worked there, I know. The ordinary guy? Forget it, not allowed to play.

[prayin4rain]

7. WOW! I didn't realize any of that!

This stuff is making me sick. :puke:

[kirby]

9. See this msg I posted about how much the S&L bailout cost.

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=102&topic_id=3501406&mesg_id=3501475

[Dover]

10. UNLESS the taxpayer stops paying the tax...n/t

[ixion]

8. sweeping new powers... now we see the man behind the curtain

this happened for a reason, not by accident.