U.S. Treasury Widens Scope of Plan to Buy Bad Debt | WHAT REALLY HAPPENED

U.S. Treasury Widens Scope of Plan to Buy Bad Debt

The U.S. Treasury submitted revised guidance to Congress on its plan a day after first submitting it, as lawmakers and lobbyists push their own ideas. Officials now propose buying what they term troubled assets, without specifying the type, according to a document obtained by Bloomberg News and confirmed by a congressional aide.

``The costs of the bailout will be significantly higher than originally considered or acknowledged,'' said Josh Rosner, an analyst with independent research firm Graham Fisher & Co. in New York. ``How, given these changes, can the administration and Federal Reserve believe they are being forthright in their unrevised expectation of future losses?''

Webmaster's Commentary: 

Called your congressional representatives yet, to tell them to "just say no" to this scam?

If this legislation is passed, your taxes just went up another $5,000 to $7,000.00.

And all to bail out the people whose bad business practices put our financial markets in the mess they're in.

Who bails you out when you've made financial mistakes and indulged in bad business practices?