by Jack Lee
Congress is making progress on the bailout proposal and it looks like the deal will focus on the following key points:
1. Oversight – by a board of directors working directly with the secretary of the Treasury .
2. Transparency – clear reporting of where the money is going and why.
3. Accountablility – making the money go to where it’s needed most and avoid such things as Golden Parachutes.
4. Equity sharing – give taxpayers a stake in rescured companies with a chance for payback and profits as debt is repaid.
There are at least 15 other lesser points which are being hammered out now, such as mortgage insurance and foreclosure assistance to some homeowners. Progress looks good as bi-partisan committees seem to be working well together.A deal may be crafted as early as Sunday.
The concern of many Americans over this massive bailout was expressed in a brief statment by Rep. Louis Gohmert-R yesterday, “We don’t have to rush in with the greatest advance of socialism in the Western world.”