Jesse Carmichael Reacts To U.S. $700 Billion Bank Rescue Plan

Jesse Carmichael of Maroon 5 is weighing in on the current debate over the Hank Paulson $700 billion rescue plan to buy up defunct mortgages which have seized up the U.S. credit markets. The keyboardist writes that “the specific terms of this proposal are dangerous because they give too much power to the one branch of the government that was supposed to be overseeing economic matters in this country and making sure that we didn’t get into a financial disaster like this in the first place. According to the New York Times, the proposal says that the Federal Treasury, which will be in charge of stabilizing the situation on Wall Street with at least 700 billion dollars of tax payers money, cannot be supervised, regulated or prosecuted ‘by any court of law or any administrative agency’. That request seems to ignore completely the system of checks and balances that this country was founded on.” Carmichael is asking fans to sign a petition at Moveon.org urging congress not to give President Bush a blank check. Check out the full message here.