Ins and Outs

Sen. Obama is saying his spending programs may have to be delayed in light of the massive bailout bill. A few questions though, What about McCain’s high income tax cuts that would go to the CEOs who created the mess? Any word on that? Still full speed ahead on that? Second, as we’ve discussed, if the Treasury bought these junk securities at real market rates and then held them until the market stabilized they could likely make money for the taxpayer. But that’s the key, if they pay fair market rates very little money would go to the banks who are looking for their bailout and free ride back on to the gravy train. So that’s an unresolved question. And remember, if Obama wins, his Treasury Dept. would be administering a lot of this. So are they planning to pay premium prices for the worthless or near worthless paper the banks are trying to dump on the public (in order to recapitalize the banks at public expense)?