Wall Street Bailout Plan Badly Crafted

The rushed package to save the economy through a massive taxpayer funded bailout program was poorly crafted.  Banks are using the funds to buy other banks forming bigger financial institutions.  Big banks the government couldn’t allow to fail are part of the problem, not the solution.  Banks are also using the funds to pay huge executive bonuses and stock dividends.

There should have been strict provisions on how these funds could be used.  Taxpayers are outraged that their dollars are being misused and rightly so.  They shouldn’t be lining the wallets of already well heeled bankers and investors.  I agree.  The rush to enact something with no public hearings concerned many of us.  Obviously something had to be done but this is very bad.  Congress must address these issues when they reconvene.

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