2. “A sophisticated board of ex-bankers and accountants could oversee the pricing of individual deals.”
Q: How would these be different from the “Wall Street’s suits [who] smell a goldmine and are clamoring for position to get the hundreds of millions in fees at stake.” If they're willing to work for a government salary instead of a Wall St bonus, why? Will they actually be smart enough to outsmart the Wall St. guys?

3. Q: What does Mr. Morris think of William Isaac's proposal to suspend mark-to-market accounting, based on the argument that the current “market price” is not realistic (what with being in panicked freefall)?

I noticed in the Dodd plan that he wanted to foist off any 'leftover' property that Paulson's plan couldn't sell onto the states, where we the taxpayer would have to once agan pony up for the states to purchase these properties and then try to resell them…..getting it off the fed plan and throwing it onto the states..double dipping.

While I am not an economist my family has been in banking and commerical real estate and commerical construction for 140 years so I have a birds eye view of exactly what has gone on.

With this bailout we are also propping up the 'bubble' in financials and real estate that the Fed allowed to happen with easy and cheap money in order to stave off the deflation they were afraid of in the late 90's.

This is a WS and 'bubble bailout and will not work, it's is a scam, a stopgap….and when it doesn't work the second fall will the be last and that will be everyone's real nightmare.

I don't know what else to say to warn people of this move…..except to consider that as congress plans to hand over 700 billion of our money to Paulson who wants to keep on the CEO's who created this mess to “help us solve it”, the FBI is investigating both AIG and Lehman and their CEOs for financial fraud and so informed congress over 2 weeks ago….and still congress is even considering buying the bad assets of these two institutions and Paulson wants the CEO's to be rewarded and brought on board the bailout??

How to put this in a common sense way? … we taxpayers are giving a bankrupt insurer the money to pay off the value of a house the owner himself burned down and building him a new house and getting the ashes of the burned down house as payment.

Chapter 4 of TDM makes an excellent explanation of the opacity of the situation, describing the shadowy realm of “Synthetic” securities and how they are mixed with real asset-backed instruments.

What portion of the putative “bad assets” Mr Paulson proposes to purchase might consist of these “synthetic ” CDO/CLO/CLS?

How would the Treasury unwind the CDO/CLO/CDS it buys to determine the true underlying assets, or would it not even bother to try?

You want my vote – take a stand

OHIO

More McCain Hypocrisy! – And for those who think we will not have another Bush/Cheney Whitehouse if McCain gets elected, please be advised that McCain has 10 former Bush strategists and operatives working and advising him now. They are: Steve Schmitt, Tucker Eskew, Tracey Schmitt, Nicole Wallace, Mark Wallace, Stephen E. Biegun, W. Taylor Griffin, Matthew Scully, Greg Jenkins and Matt McDonald, which spells McCain-Bush all over again!

McCain who has been Chairman of the Commerce Committee for years says he knows very little about the economy, the one truth he has been honest about, because it has always been about Corporations first, only and last! It is our turn now and no more corporate bail outs who are in fear of losing their luxurious way of life.