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Bailout Bill Defies Will of the People

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Bailout Bill Defies Will of the People

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White House and Congress Suspend Democracy
To Help Wall Street

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Michael Collins

(Wash. DC)  The White House and Congressional leaders from both parties announced a tentative bill to bailout failed financial institutions.  The bill is a response to the $700 billion initially request by the White House last week.  The bill allocates $250 billion to start with a total authorized of $700 billion.  The money will cover the losses of distressed Wall Street firms facing bankruptcy due to bad investments, primarily in risky real estate securities known as subprime securities and "derivatives."

There were no provisions announced to bailout citizens facing foreclosure or help with their bad investments.

Congress plans vote on the legislation today, Monday, Sept. 29, if the leadership gets their way.

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Calls to Capitol Hill are reported to be 30 to 1 opposed to legislation that bails out the rogue Wall Street investors.  Public opinion polling has shown a majority opposed to the legislation, unless the question contains the unproven assumption that the economy will collapse in a few days without a bill.  In a remarkable show of opposition to the bill, 1,200 marched down Wall Street Friday.  There were also protests in Chicago and Ohio plus more planned for Monday, Sept. 29.

Sept. 25, 2008 Wall Street bailout protest Video

This public stance developed in spite of dire warnings of a national and global collapse of the economy should the legislation fail to materialize.  These predictions are not universal, by far.  A public appeal by 200 economists opposes the congressional rush to judgment, summarized in these terms:

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