[color="Blue"]Here is a pdf copy in case anyone wants to delve into this mess.

http://rapidshare.com/files/149241722/firstdraft.pdf

We're in trouble from the first significant page - the stated purpose is:

1 SEC. 2. PURPOSES.
2 The purposes of this Act are—
3 (1) to immediately provide authority and facilities that the Secretary of the Treasury can use to restore liquidity and stability to the financial system of the United States; and
4 (2) to ensure that such authority and such facilities are used in a manner that—
5 (A) protects home values, college funds, retirement accounts, and life savings;
6 (B) preserves homeownership and promotes jobs and economic growth;
7 (C) maximizes overall returns to the taxpayers of the United States; and
8 (D) provides public accountability for the exercise of such authority.

[color="Blue"]1- they cannot restore stability to the financial system in this way - it's way too inflationary and gives the Secretary of the Treasury unprecedented authority that effectively eliminates the separation of powers among the 3 branches of government. This effect must ultimately be destabilizing since it destroys the very nature of our Constitutional Republic.

2. they cannot possibly 'ensure' that this 'protects home values, college funds, or life savings - it will, in fact, through the mechanisms of its inflationary effects produce exactly the opposite result. Values will decline almost immediately after the effects of this inflationary expenditure reaches the streets of America.

3. they cannot possibly 'preserve' home ownership, which depends entirely on the home owner's ability to keep up with necessary payments on their homes - how does this help them do that?

These are all things that simply cannot be ensured as they are subject to the mechanisms of the market, supply and demand being foremost among those forces that act on the relative values of each

SEC. 3. DEFINITIONS
(9) TROUBLED ASSETS.—The term ‘‘troubled assets’’ means—
(A) residential or commercial mortgages and any securities, obligations, or other instruments that are based on or related to such mortgages, that in each case was originated or issued on or before March 14, 2008, the purchase of which the Secretary determines promotes financial market stability; and
(B) [any other financial instrument that the Secretary, after consultation with the Chairman of the Board of Governors of the Federal
Reserve System, determines the purchase of which is necessary to promote financial market stability, but only upon transmittal of such determination, in writing, to the appropriate committees of Congress].

[color="Blue"]WTF? This gives the Secretary authority to purchase Credit Default Swaps, which are 'instruments that are based on or related to such mortgages' Those now add up to an estimated 14.1 TRILLION dollars in the U.S. alone!

All by itself this one clause is enough to say NO to this thing (if they actually listened or even read than damn thing themselves).

Ok, so they're going to 'control' the fatcats by taxing them 20%?! Give me a break! I'll take a multi-million dollar retirement fee and pay 20% on it any time.

Welcome to the Union of Soviet Socialist States of Amerika