Be Skeptical of Senate Bailout Bill
All the Old Problems RemainA Single Comprehensive Updated Article by Congressman Brad Sherman
October 1, 2008
• Taxpayers highly unlikely to recoup any of the costs under revenue provision
added last Sunday (page 2)
• Treasury will not use the new insurance powers added to the Bill last Sunday
• Tens of billions will go to foreign investors (page 3)
• Million-Dollar a month salaries will continue (page 4)
• Oversight Board can critique, not halt, any action (page 4)
• Few if any homeowners will get mortgage relief (page 4)
• All $700 billion can be spent by January 20, 2009 (page 5)
• Taxpayers will get little or no equity upside (page 6)
• Meaningful regulatory reform proposals will be subject to filibuster, delay, and
dilution (page 6)
• We have time to write a good bill (page 6)
New Senate Provisions: No Reason to Switch to “Yes” Vote
The Senate will attach its tax extenders bill to the House-defeated Bailout Bill. The
Senate tax extenders bill is the very bill Hoyer refused to bring to the floor Monday,
September 29, because of its gross violation of pay-go. If the Bailout Bill is open to tax
provisions, why not attach the bills that prevent hedge fund managers from paying zero
tax by using Cayman Island tax havens? Why not add the Credit Card Holders Bill of
Rights, which recently passed the House?
The Senate Bill also increases the FDIC limit to $250,000. We don’t need to send $700
billion to Wall Street to make this change.
Experts Say: Congress Should Not Panic
“We ask Congress not to rush, to hold appropriate hearings, and to carefully consider
the right course of action.”
-231 eminent Professors of Economics, including 3 Nobel Laureates.
See more from economists on page 7
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