The financial system is the heart of our economy and it is in trouble. If we do not fix it soon, we risk a serious recession. The Bush administration appears to understand the urgency, but the draft legislation it put forward over the past week is cause for concern. Under the administration plan, the secretary of the Treasury would have unprecedented and unfettered power to spend $700 billion in purchasing mortgage-related assets from U.S. and possibly foreign financial institutions. The definition of "financial institution" seems to be expanding to include hedge funds and other investors. While Congress clearly understands the...
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Let's Get the Bank Rescue Right
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