FINISH THIS SENTENCE: CONGRESS OK’D THE $700B BAILOUT . . .

Although the Treasury Department’s proposed $700-billion rescue plan has been signed into law, all that’s certain is that the plan is now reality. How it will play out and, more importantly, how effective it will be in getting the wheels of commerce turning again remain to be seen, as this week’s commentator makes clear. Describing the plan on its face is evidently fair game, and 48% of you voted that the bailout sticks it to the American taxpayer. Another 29% said there was no other way to address the problem, while 23% agreed the plan derails any private-sector solution. Spencer Garfield, managing director of Hudson Realty Capital, says the plan accomplishes an important purpose but is no panacea.

“You will not see an immediate effect of the plan being put in place. It will take several months for the plan to start trickling into the system. They have to evaluate and pick asset managers, who may or may not pick third parties to help them. They then have to decide which assets they’re going to buy, what the qualifications are to buy them and at what price. They’ll need to use some consistency in buying the assets, and then the question becomes who’s able to sell to them.

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