Preferred Debt Future: Slow down, do nothing now
by Glen Hiemstra on 23/09/08 at 3:09 pm | 
The debate continues in Washington DC about the proposed $700 Billion (really much more) bail out of Wall Street investment firms and banks. Objections are being appropriately raised about both the need to do this so quickly, and the need to do it at all.
Our best reading now is that the best course is to wait, develop a considered comprehensive approach, and do not attempt to pass it until after the election, if at all.
Writer Chris Bowers summarizes: there is no crisis now…
1. Why did the Bush administration declare a crisis to coincide with the last two weeks of the current Congress eager to leave for the elections, when…
2. It turns out the emergency plan has been in the works for several months, and…
3. The plan actually aims to “bail out” many banks that are actually successful, and…
4. Secretary Paulson is misleading the Congress about oversight, and…
more at his blog.
I am not convinced that the credit market will freeze up if this bail out does not go into effect this week.
If Congress must be railroaded into acting in the next week or two, then the Chris Dodd plan at least makes more sense.
Urge your Congresspersons not to respond to this request from King Paulson.
Glen Hiemstra is a futurist speaker, consultant, blogger, internet TV show host and founder of Futurist.com. To arrange for a speech contact Futurist.com.
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