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Reminder that the bailout allows foreign banks to partake of American taxpayer funding — and that the bailout plan includes buying student loans, car loans, credit card debt and any other “troubled” assets held by banks.
Thanks to Pelosi, the bailout has expanded even further:
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The Pelosi summary also said the legislation will expand the range of firms that can sell troubled assets to the government to include pension plans, local governments and community banks serving “low- and middle-income families.”
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foreclosure-prevention measures include an extension of the tax holiday for homeowners who face foreclosure, as well as a tax break for community banks that held shares of Fannie Mae and Freddie Mac. The rescue plan will allow affected banks to take an immediate tax deduction on losses from investments in the two firms, which were taken over by the federal government earlier this month.
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Sigh
More emails to congress and the president
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