Bailout package unlikely to have lasting effect

WHO: The Bush administration, Treasury Secretary Henry Paulson

WHAT: Officials insisted Sunday that a $700 billion bailout package purchasing bad debts from major financial companies must be passed quickly, despite concerns raised by members of Congress from both sides of the aisle about the cost to taxpayers, the lack of additional regulations and oversight and limits on executive compensation.

WHY IT’S HAPPENING: The bad debts, caused by the collapse in the mortgage market, have prevented the firms from making loans, causing a virtual shutdown in the credit markets that has contributed to the failure and government takeovers of several firms this year.

WHY IT’S A BAD IDEA: Nobody questions that action is needed. But rushing through a poorly thought-out package with little scrutiny is unlikely to lead to lasting solutions to the problems that caused this crisis.

General OpinionOpinion

If you find our journalism valuable and relevant, please consider joining our Examiner membership program.
Find out more at www.sfexaminer.com/join/

Just Posted

Musician shot by off-duty FBI agent on Haight Street speaks out

Man thought official was a ‘fake cop’

Emails reveal another FBI suspect may have given Mayor Breed a gift

onguard Mere days after Mayor London Breed revealed she took a potentially… Continue reading

Video shows angry 49ers fan throwing items at cashier on Super Bowl Sunday

San Francisco police are asking the public for help identifying an aggressive… Continue reading

New plan provides a road map to better transit for Bayview residents

SFMTA to review suite of 101 projects designed to improve community safety and access

Mandelman bringing bathhouses back to The City

New ordinance would amend health code restrictions imposed in 1980s

Most Read