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Wednesday, September 24, 2008

Give me $700 billion and get the hell away from me.

Look at the text of what Secretary Paulson proposed as the format for the bail out. Pay particular attention to Section 8 (with thanks to colleague Andrew Grodner).

http://www.nytimes.com/2008/09/21/business/21draftcnd.html?_r=1&oref=slogin

2 comments:

Derek Pszenny said...

The authors of this bill understand that there will be some negotiations before the bill is turned into law. Section 8 could be an example of leaving some negotiating room in the bill so that congress can feel important enough to have changed the bill a little before passing it.

Andrew_Grodner said...

See my comments on the previous post: Go ahead and dither...They did during the Great Depression...Watch what happens.