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POPSSen. Reid said ``no one knows what to do'' ``They already have the authority; it's just a question of moving it up a couple of years,'' House Financial Services Committee Chairman Barney Frank, of Massachusetts, told reporters yesterday. ``We're trying to work that out.'' Senate Banking Committee Chairman Christopher Dodd said the Fed also has the power to buy and dispose of bad debt stemming from the subprime-mortgage crisis. ``The Fed has the authority to move in this area,'' Dodd told reporters in Washington. Creating a separate agency to take on bad debt, akin to the Resolution Trust Corp. set up in 1989 to absorb losses from savings-and-loan associations, would take about a year, he said. Instead, the Fed should use its own authority to act. ``The last thing you need,''Sen Isakson R-Ga, said, ``are 535 people, not many of whom are that well-versed in financial markets, trying to do quick fixes to a market correction that's one of the more significant that we've ever seen.''
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POPSIraq ~ Should we go or should we stay now...? The Bush clan is making plans to split if Iraq falls into a civil war. Hello!? Are they not there already? I find it funny that now they are "contingency planning", when they didn't even consider "withdrawl plans" before moving into Iraq. Talk about a blunder!
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