As the economic barbarians gathered at the steps of the capital building ready to plunder our economy, the House of Representatives passed the $700 billion bailout bill by a vote of 263-171.
Now, the New York Times is reporting the Treasury Department will not administer the auction to buy the toxic assets from various banks, but they outsource these tasks to 10 -12 Wall Street Asset Management firms. I must admit, this is a very scary thought. These firms could be paid billions of dollars in management fees, as they manage this government program.
Right now the program to buy these toxic assets will not be implemented until after the November elections. This will give the current Treasury Secretary a few weeks to improve the credit markets. Time is of the essence, as our economic woes continues to hurt many people.
So, I have a few suggestions for the two Presidential candidates. First, stop the personal attacks and focus the debate on solving our economic woes. I am tired of the political "silly season" and the American public is looking for real answers to very complex problems. Today's personal attacks by one of the VP candidates were uncalled for and mean. Second, nominate your Treasury Secretaries now, so they can help design the bailout program. One of them will inherit the challenge to administer the bailout program in 2009 and beyond. Third, severely limit the fees paid to Asset Management firms, as we need to maximize the return on the American taxpayer investment.
Our country is facing some very serious problems and we need the best and brightest of our country to solve them.
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