One Man's Vast Is Another Man's Half-Vast
September 21, 2008
$700 Billion Is Sought for Wall Street in Vast Bailout
By DAVID M. HERSZENHORN
WASHINGTON — The Bush administration on Saturday formally proposed a vast bailout of financial institutions in the United States, requesting unfettered authority for the Treasury Department to buy up to $700 billion in distressed mortgage-related assets from the private firms.
The proposal, not quite three pages long, was stunning for its stark simplicity. It would raise the national debt ceiling to $11.3 trillion. And it would place no restrictions on the administration other than requiring semiannual reports to Congress, granting the Treasury secretary unprecedented power to buy and resell mortgage debt.
"Over time," our president assures us, "we're going to get a lot of the money back."
Try taking a statement like that to your personal bank and see how pleased he is to know that he'll one day get a l…