Hank's original demand handed through the Bankers window was about 700 words - say US$1 Bn a word.
At the last hearing of Barney Frank's assorted hoodlums we were told this was now 45 pages long - and it's a bet that few Congressmen who are asked to pass it have read it and a very few of them will have understood it.
It's certain the President doesn't understand what is going on judging by his address to a confused and anxious nation / world last night.
Financial assets related to home mortgages have lost value during the house decline, and the banks holding these assets have restricted credit. As a result, our entire economy is in danger.
So I propose that the federal government reduce the risk posed by these troubled assets and supply urgently needed money so banks and other financial institutions can avoid collapse and resume lending.
This rescue effort is not aimed at preserving any individual company or industry. It is aimed at preserving America's overall economy.
This Act is aimed at preserving the major tier of bankers (now joined by Sacks of Gold and M & S) and their assets by relieving them of questionable and unsaleable "assets".
It will do nothing to ..
1. Reduce foreclosures
3. Revive the US housing market - there is enough unsold stock / on re sale to meet any possible demand in the enxt 2 years.
3. Improve loan conditions for industry staggering under burdens of debt - see as a simple example the case of Pilgrim's Pride
4. Reduce inflation - it will in fact drive infaltion inexorably as interest rates rise.
5. To cut the National debt - and in fact may triple it this year.
What it will do is destroy the value of those wise and prudent investors who hold annuity funds, not only in the US but in Europe. This will create a new class of indigent and poor old people.
This Act if passed is a blatant assualt by the bankers led by their chief henchman Hank the Bank ( Dontcha you just love the pained look on his face when he talks about the immodest pay packets bankers have been enjoying ?).
This does not presage an elemental shift in the tectonics of global economic forces. As Mitsubishi and Samsung and the sovereign wealth funds sink their teeth into Golden Sacks and M & S , their is ..."flooding in like the main" a rising tide of change as the uS economy slides faster under the encroaching tide.
The UK will also slide along, although their housing market is wholly different as the prices are a reflection not only of cheap credit but real scarcity.
The ensuing depression, whether this criminal Act is passed or not will see an eventual slide punctuated by bouts of chaos and a change ... in fact a New World Order.
Not quite the one the guys in Chicago had planned for.