Update: The U.S. House of Representatives has just defeated the bailout bill in today’s vote. Back to the drawing board. (yay!) But don’t take off your life jackets yet.
From the people who brought you FEMA, our financial bailout has an official acronyn – TARP. That’s stands for Troubled Asset Relief Program. Okay, how wide open is that for some comic relief. Jon Stewart, Stephen Colbert…what have you to say? Should we run for cover?
I’m not going to hold my breath to say the plan is finalized, but just by it’s bulk, TARP is more fleshed out than the 3-page takeover bid submitted by Treasury Secretary Hank Paulson. Still, hold your applause. The House of Representatives is scheduled to vote on it Monday; the Senate on Wednesday. We can read the 110 page full text of the compromise
d plan or just wait for the bullet points to fly. But it’s our money. This is like a prospectus. And when I think of it that way and how my taxes will be spent, I get really angry. Now I HAVE TO READ IT.