I admit I don't have one clue on the details of this financial crisis. I was talking to a friend for hours at Jennifer's High School Reunion last weekend. He works in the financial markets and was able to explain a lot.
He said the bailout plan could be a silver bullet, but also could be the nail in the proverbial coffin.
Watch this video if you have seven minutes. This guy seems to know what he is talking about, and I do think it is worth at least understanding this issue that is on the table as it relates to the bailout. The question on the table is... Should the bailout tax money help everyone, or just the US?
Watch and decide for yourself...
Here is the section in the bill he is talking about:
SEC. 112. The Secretary shall coordinate, as appropriate, with foreign financial authorities and central banks to work toward the establishment of similar programs by such authorities and central banks. To the extent that such foreign financial authorities or banks hold troubled assets as a result of extending financing to financial institutions that have failed or defaulted on such financing, such troubled assets qualify for purchase under section 101
