Could the $700 billion bailout program being rushed through Congress not only fail to solve the problem being targeted–which, in case you forgot, is the clogging of credit markets–but actually do more harm than good? That's the frightening scenario raised by Weiss Research in a research paper submitted to Washington lawmakers on Friday.
In its report to Congress, Weiss issued some dire warnings indeed about the plan!
“The proposal before Congress for a $700 billion financial industry bailout will not only fail to end the massive U.S. debt crisis, but could actually aggravate the crisis by driving up interest rates,” Weiss asserts. “Therefore, Weiss recommends limiting and reducing the bailout as much as possible, while bolstering existing safety nets for consumers.”
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