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A Resounding Bottom Up NO on the Bailout-- From the Entire Progressive World
By Rob Kall (about the author) Page 2 of 3 page(s)
So, of course, they came out, shaking in their boots, telling the nation how awful things were, how close to the abyss we've come. This sounds far too similar to Bush's surrogates Condeleeza Rice and Colin Powell warning us-- at the UN in congress in 2003-- that Iraq and its WMDs was an imminent threat to the nation and the world. Back then, senators Clinton, Kerry, Edwards and most of the rest of the Democrats spinelessly assented to accept the story they were told, failed to challenge the data or demand other options, and now, they all apologize to us. It's not too late this time. We have no good reason to believe that Bush economic appointees will do any better dealing with a financial crisis than Bush diplomatic and military appointees did with the "terrorist threat." Firedoglake, Rape of the Supine Nation 
This evening, even as we speak, or blog, whatever, the Bush administration is in the process of LEAVING THE FUCKING WHITE HOUSE WITH A FUCKING SEVEN HUNDRED BILLION (BILLION!) DOLLAR BAILOUT OF ABSURDLY IRRESPONSIBLE WALL STREET FIRMS, combined with ABSOLUTELY NO FUCKING ACCOUNTABILITY OR OVERSIGHT.
TalkingPointsMemo Put on the Brakes Josh Marshall
I'm quite convinced that some drastic action needs to be taken to avoid a cascading and debilitating series of crises. But the more I look at this plan, the more wrongheaded it seems. But if I'm understanding this deal, the taxpayers are going to pony up close to a trillion dollars to take bad debts off the hands of financial institutions who were foolish enough to make the deals in the first place.
I can't seem to find any of the people who I respect thinking the bailout plan, as presented, is a good idea.
Paul Krugman No deal ,
...there’s no quid pro quo here — nothing that gives taxpayers a stake in the upside, nothing that ensures that the money is used to stabilize the system rather than reward the undeserving.
I hope I’m wrong about this. But let me say it again: Treasury needs to explain why this is supposed to work — not try to panic Congress into giving it a blank check. Otherwise, no deal.
MYDD;
... this brand of stupid led to both the Great Depression and the Savings & Loan scandals.
$700,000,000,000
Though it fits with the Republican strategy of only having government spend money on things that fail in every respect besides lining the pockets of the wealthy, while Democrats equivocate but then hurry to indulge the kleptocrats.
the Nation; Paulson Bailout Plan a Historic Swindle by William Greider:
Rob Kall is executive editor, publisher and site architect of OpEdNews.com, Host of the Rob Kall Bottom Up Radio Show (WNJC 1360 AM), President of Futurehealth, Inc, (more...)
The views expressed in this article are the sole responsibility of the author
and do not necessarily reflect those of this website or its editors.
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