The House Republicans stood up today and are pushing back. They aren't sold on the $700 billion. THIS IS REALLY IMPORTANT. Read here for more info.
Paulson is taking the banks word for the value of these mortgages. The truth is, we have no idea how much they are worth. If they are worth more than $700 billion, then we make money. If they are worth less, then we (tax payers) get hosed.
So, the GOP wants to approve $250 billion and then allocate $50 bill/mo if necessary as long as they get a vote on it. And they want to restructure the voting so that the President can't veto their vote.
I'm so happy that someone is approaching this with reason and courage.
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I just saw Naomi Klein on the Colbert Report. She wrote a book, The Shock Doctrine, that basically says everything you have been saying. That the rich use crisis to enrich their particular capitalism. They use crisis to transfer "public funds into private hands" and that they are using this economic crisis right now to transfer "private debt into public hands." Like you, she calls this $700 billion bailout the gift that keeps on giving.
I think it might be a good book to read.
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