The Paulson Plan as submitted by Treasury Secretary Paulson was three pages long. It is now 250 pages. Mr. X read all 250 pages of the legalese and submitted a report to Lew Rockwell.
In his report, he writes:
I read the whole thing myself -- and found odd things like production credits for "marine renewables" and specifications for "residential top-loading clothes washers."...
Loopholes: A financial institution can buy $50 billion of financial toxic waste in the form of subprime mortgages, declare bankruptcy, and the Treasury Department is permitted to buy the toxic waste for $60 billion. Or $100 billion...
The U.S. Treasury would be authorized to "guarantee" home mortgages, essentially becoming a co-signer, to eliminate foreclosures. If the home-owner stops paying his mortgage, taxpayers will be on the hook. The Treasury Department can also eliminate a "reasonable" amount of a home owner's mortgage debt...
After Mr. X concluded his review, the Senate version was changed again with NyPo reporting these developments, on what is now a 451 page Bill:
Special provisions include tax breaks for:
* Manufacturers of kids' wooden arrows - $6 million.
* Puerto Rican and Virgin Is- lands rum producers - $192 million.
* Wool research.
* Auto-racing tracks - $128 million.
* Corporations operating in American Samoa - $33 million.
* Small- to medium-budget film and television productions - $10 million
Read Mr. X's full review, here.
-Robert Wenzel
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