Emergency Economic Stabilization Act of 2008

The House Committee on Financial Services, with Congressman Barney Frank chairman, has released the text of the draft of The Emergency Economic Stabilization Act of 2008

The bill, widely touted as the “The bailout bill” will go to House of Representatives tomorrow and to the Senate on Wednesday. The speed at which this bill was crafted gives me a profound sense of dread that there is much hinging on the passage of this bill… perhaps much more than they are telling us.

My basic feeling is that if the banks made risky loans and are in danger of going under because of that, we should let them fail. But the speed at which this bill was crafted and the willingness of the proponents of this bill to reach across the isle, leads me to believe that there are some dire consequences brewing, that they are not sharing with the American people. The obvious answer, you might be thinking, is that I am falling for the scare tactics employed by the backers of this bill, but it really doesn’t seem that way to me.

A brief summary of the 110 page draft can be found here: Summary of the “Emergency Economic Stabilization Act of 2008″ . Congressman Frank’s office prepared a Section by section Analysis of the Legislation.

You need Adobe Acrobat Reader to open these links. If you don’t have one you can download it here! Free Adobe Acrobat Reader