$700 billion package designed as investment, not bailout
There’s a good summary of the $700 billion rescue package over at the Wall Street Journal. A key aspect for taxpayers:
Protecting taxpayers:
If after five years the government has a net loss, the president will be required to submit a legislative proposal to seek reimbursement from the financial institutions that participated.
By the way, OCU Business Dean Vince Orza told me last week that while he was in New York, one of the editors of the Wall Street Journal joked that things had gotten so bad there that officials were considering changing the name of the newspaper to just The Journal.
Don Mecoy
Business Writer
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