Democrats counter Paulson’s proposal

The first of what are likely to be numerous counter-proposals to the administrations $700 billion dollar bailout has been brought forward by Senate Banking Committee Chairman Sen Chris Dodd, D-Conn (full text of bill).

While i don’t agree with all the provisions and think it perhaps lumps a little too much together, its a good start. Especially when we hear that not only has the proposed bailout been extended to foreign companies (ahem UBS, cough Phil Gramm), but now it looks like we’ll spend non-existent taxpayer dollars on just about anything, so long as its worthless -

The Treasury has amended its original request to give it authority to buy up not just troubled mortgage assets, but troubled assets period.

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Jeremy Hinton