US economic meltdown - Text of Draft Proposal for Bailout Plan
The link to the NYT shows the complete draft proposal of the so called bailout plan. NOTE EU-Digest: sec 2 of the draft shows that the secretary Mr. Paulson is given the sole authority to make commitments to purchase, on such terms and conditions as determined by the Secretary, mortgage-related assets from any financial institution having its headquarters in the United States. Just this should already raise every red flags. This virtually gives Mr. Paulson carte blanche to handle as he wishes. Republicans and Democrats are urged to vote no. If they don't the voters should take note who voted for this draft agreement and vote them out.
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