Are we being deceived to believe the maximum bailout is $700 Billion?

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Ruby

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Look at the wording:

"Sec. 6. Maximum Amount of Authorized Purchases.

The Secretary’s authority to purchase mortgage-related assets under this Act shall be limited to $700,000,000,000 outstanding AT ANY ONE TIME."

After 30 years experience reading legalese, that doesn't read to me that there is a ceiling of $700 billion.

"at any one time" is problematic for me. Can they for example, get to the maximum of $7Billion outstanding, then work around the limitation by writing some of outstanding amount off, thereby freeing up more funds to pass out to their bankster cronies?

I was under the impression from the media that $700 billion was the absolute maximum. Were you under that impression?

http://blog.heritage.org/2008/09/20/text-of-the-bailout-legislation/
 
To answer your main question......people know because of the daily news reports that number is raising daily....it's past 700 billion and growing.
 
The whole thing is an outrageous con. I wouldn't gift $7 to a wall street bank, never mind $700 BILLION!

If this does not go ahead, there will be a massive wall street crash. Bring it on - the country will recover just as it did before.

If it goes ahead, the country will turn into a second rate nation, with richer bankers, and many more middle class people made poor by crippling taxes and inflation.
 
I was watching the Glenn Beck TV show on CNN last night. He thinks we are being deceived. He thinks it's going to be more like $2 trillion.

I don't think it makes any difference. Pretty soon money is just going to be worthless paper. Oh wait.... maybe it already is.

I just hope that the greedy CEOs, politicians and investors that caused all this mess are going to be hurting like the rest of us regular people.
 
what is the matter with all you people?would this be real if the housing and the level of earning were more realistic? if the earning is not enough to live on,how can a house,or property,priced at $200,000.00, be in the range of a family earning minimum wage? it don't fly George.
 
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