[quote=TheBreeze]No Banker Left Behind ~ rolling $700 billion[/quote]
Suitable name.
But, I should point out, and somehow most people (MSM included) miss the fact that the bill calls for $700 Billion per occurrence. I read an article yesterday on CNBC that I’m too lazy to link to, on why it will quickly become $2.25 Trillion. Punish our grandkids before they’re born, I guess.
Here’s exactly what the bill says:
[quote=Comrade Paulson’s Plan]SEC. 115. GRADUATED AUTHORIZATION TO PURCHASE.
(a) AUTHORITY.—The authority of the Secretary to purchase troubled assets under this Act shall be limited as follows: (1) Effective upon the date of enactment of this Act, such authority shall be limited to $250,000,000,000 outstanding at any one time. (2) If at any time, the President submits to the Congress a written certification that the Secretary needs to exercise the authority under this paragraph, effective upon such submission, such authority shall be limited to $350,000,000,000 outstanding at any one time.
(3) If, at any time after the certification in paragraph (2) has been made, the President transmits to the Congress a written report detailing the plan of the Secretary to exercise the authority under this paragraph, unless there is enacted, within 15 calendar days of such transmission, a joint resolution described in subsection (c), effective upon the expiration of such 15-day period, such authority shall be limited to $700,000,000,000 outstanding at any one time.[/quote]