See here, sports fans. At least it isn’t three pages long any more.
I haven’t gotten past noting that it is a “discussion draft”. Hope to have more substantive comments in due order.
The Troubled Assets are initially limited to commercial and residential mortgages and instruments based on them. The Treasury has to go to Bernanke and get his consent and then write a note to Congress. It’s pretty clear the bill is going to be full of fig leaves like that. Perhaps readers can start a fig leaf tally; we’ll hoist it with attribution back into this post.